Quick take:
- SuperLayer has announced a $25 million venture fund led by Polygon.
- The Web3 venture studio will use the funds to expand its ecosystem offering with scalable projects for the consumer economy.
- SuperLayer is led by Managing Partners Kevin Chou and Mahesh Vellanki, who also founded Forte.
SuperLayer has supercharged its ecosystem with a $25 million web3 fund anchored by the Ethereum scaling protocol, Polygon. The web3 venture studio is expanding its portfolio of projects by leveraging Polygon’s blockchain that powers transaction-intensive crypto projects like SocialFi, GameFi, NFTs, and DeFi to reach their full potential.
SuperLayer is led by Managing Partners Kevin Chou and Mahesh Vellanki, pioneers in gaming, blockchain and social tokens. Before founding the web3 venture studio, Chou and Vellanki founded leading Web3 companies including Forte.
One of Chou’s most popular gaming projects was Kabam, which was acquired for $800 million in 2017.
Commenting on Polygon’s leading role in the $25 million web3 fund, Chou said that SuperLayer’s focus on speed and quality made Polygon a natural partner for Web3 companies looking to fix scalability issues and accelerate innovation in the industry.
“Polygon’s technology removes critical costs and congestion barriers to mass-scale consumer adoption, and its thriving ecosystem offers an ideal environment for growth and collaboration, opening the door for transaction-intensive crypto projects like SocialFi, GameFi, NFTs, and DeFi to reach their full potential. Our team at SuperLayer is excited to support ambitious projects to build on Polygon,” he added.
Polygon improves project scalability by moving computation and storage from the Ethereum mainnet through rollups. The leading Layer 2 blockchain protocol recently unveiled its zero-knowledge Ethereum Virtual Machine (zkEVM), which will scale transaction processing in decentralised apps to levels indistinguishable from web2 applications.
SuperLayer is also looking to support web3 projects through partnerships with founding teams and launch the next generation of companies that will bring web3 to the masses.
SuperLayer recently backed another token-powered social platform, Taki, which according to the venture studio has reached 750,000 people since going live in April 2022.
SuperLayer takes a more hands-on approach to support projects beyond their fundraisings. The company offers support in areas vital to achieving success in a burgeoning industry including community, compliance, go-to-market, and partnerships, among others.
“SuperLayer’s track record for Web3 innovation is incredible, and the projects spun out of the studio are a testament to their expertise. We’re delighted to partner with SuperLayer to explore creative new use-cases and products that people want to utilize and that can positively influence the future of Web3,” said Sandeep Nailwal, Co-Founder of Polygon.
Kevin Chou also pointed to Polygon’s ability to lower heavy Ethereum transaction fees to just a few cents as a major factor in helping new projects excel.
“This benefits both entrepreneurs and end users; Polygon reduces the network load for much of the industry and creates a more sustainable path forward for Web3,” Chou said.
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