Polygon and Lumos Labs set up PolygonLEAP 2021 Accelerator to drive Web3 innovation in India
- Lightspeed, Elevation Capital, Woodstock Fund, Jump Capital, Sino Global Capital, and BuidlersTribe join as investor partners and mentors
- Winning startups stand to get $250K from Polygon and upto $9M+ from investment partners contingent to their due diligence process and investment thesis fit
Polygon, one of the largest blockchain ecosystems in the world, has partnered with technology innovation management firm Lumos Labs to launch the PolygonLEAP 2021 Accelerator today to drive their initiative to support Indian startups that want to start their Web3 journey, build innovative token economies and get access to mentorship, ecosystem, and marketing support. Elevation Capital, Lightspeed, Jump Capital, Woodstock Fund, Sino Global Capital, and Buidlers Tribe join as investment partners and mentors. A total grant amount of $250,000 has been set aside from Polygon for Indian startups that build interesting projects on Polygon. The startups also stand a chance to raise a pre-seed/seed investment of over $9 million+ from Elevation Capital, Lightspeed, Jump Capital, Woodstock Fund,and Sino Global Capital. These investments are contingent on the due diligence process and investment thesis fit with refusal rights afforded to both the funds and the founders.
The blockchain ecosystem has expanded rapidly in the last few years and has revolutionized multiple sectors including finance, technology, investments, banking, entertainment. The industry is expected to expand from $3 billion in 2020 to $39.7 billion in 2025 with the Asia region being at the forefront of this emerging technology. The blockchain industry has been the hub of accelerated innovations due to the pandemic and has encouraged the startup sector immensely with new ideas, visions, and solutions constantly emerging.
Despite regulatory ambiguities, India too has witnessed a major boom in the technology adoption that is transforming the country into a hub for Web 3.0 development. The emergence of Polygon, a company born out of India, as the go-to scaling solution for Ethereum is one of the reasons to be bullish about India’s potential. Polygon is focussed on giving back to the community and building Web3 unicorns in India.
“Polygon seeks to empower Web3 developers by providing an accessible and scalable infrastructure. We look forward to working with Lumos Labs and inviting passionate innovators in India to build on Polygon.”
“We are excited to onboard web 3.0 startups and enhance these solutions further with expert guidance and support in partnership with the PolygonLEAP 2021 Accelerator. Blockchain technology has been transformative for the global and Indian tech ecosystem and through this accelerator, Polygon and Lumos Labs are working towards empowering the startups even further. We hope to see a lot of web 2.0 startups looking to come into web 3.0 with numerous innovative and robust solutions and hope to support them till the end.”
The registrations are open as of today until February 4, 2022. This accelerator will focus on startups in the Indian Web 3.0 space. Over a four-month period, participants will build unique blockchain-based solutions along several tracks, including entertainment, decentralized finance, decentralized applications, and open innovation.
The process will also include a series of meetups designed to engage and interact with the developer community. The program will conclude with a month-long bootcamp phase where selected startups will turn their vision into reality under mentorship from the industry’s leaders.
If you want to be a part of this revolution and work with the best names in the industry to make your dream into a reality, register here: https://www.bridge2web3.com/
Polygonis the leading platform for Ethereum scaling and infrastructure development. Its growing suite of products offers developers easy access to all major scaling and infrastructure solutions: L2 solutions (ZK Rollups and Optimistic Rollups), sidechains, hybrid solutions, stand-alone and enterprise chains, data availability solutions, and more. Polygon’s scaling solutions have seen widespread adoption with 3000+ applications hosted, 1B+ total transactions processed, ~100M+ unique user addresses, and $5B+ in assets secured.
If you’re an Ethereum Developer, you’re already a Polygon developer! Leverage Polygon’s fast and secure txns for your dApp, get started here.
About Lumos Labs:
Lumos Labs is a Singapore-based innovation management firm that specialises in running technology open innovation programs. Founded in 2018, the company has run several accelerators and open innovation programs for multiple Indian and international technology firms, corporates, governments and investment firms. Their services include Growth Services, Open Innovation, Start-up Enablement, and organizing large scale developer & technology conferences & hackathons. Their clients include Aeternity Starfleet Blockchain startup accelerator, T-block blockchain startup accelerator, Genesis hack -
Lightspeed is a multi-stage venture capital firm focused on accelerating disruptive innovations and trends in the Enterprise, Consumer, and Health sectors. Since 2000, Lightspeed has backed entrepreneurs and helped build companies of tomorrow, including Snap, Affirm, AppDynamics, OYO, Nutanix, Byju’s, and Udaan. Lightspeed and its affiliates currently manage more than $10 Billion across the global Lightspeed platform, with investment professionals and advisors in India, Silicon Valley, Israel, China, Southeast Asia and Europe.
For more details, visit -https://lsvp.com/
About Elevation Capital:
Elevation Capital is a leading venture capital firm which provides seed and early stage capital for emerging companies in India. Founded in 2002, Elevation is currently investing out of its seventh fund, and has over $2 billion under management. The firm has a portfolio of over 100 companies across the Consumer, SaaS, Financial services and Web 3.0 spaces. Elevation has been an early investor and partner to founders of category defining companies such as Acko, FirstCry, Justdial, Makemytrip, Meesho, NoBroker, Paytm, ShareChat, Swiggy, Unacademy and Urban Company, among several others.
More details here: https://elevationcapital.com
About Woodstock Fund:
Woodstock is a multi-asset emerging technology fund house currently focused on investments in Blockchain and Distributed Ledger Technology (DLT) with emphasis on four areas — Infrastructure layer, Decentralized Finance (DeFi), Web 3.0 protocols and Tokenization (both fungible and non-fungible). Woodstock works diligently with portfolio companies to help them scale and grow their ecosystem globally. Woodstock has made early stage investments in pioneering DLT companies — Biconomy, Elrond, Covalent, Terra Virtua, Propine and Band Protocol among others. To learn more about Woodstock Fund, please visit- https://woodstockfund.com/
About Jump Capital:
Jump Capital is a thesis-driven investment firm focused on Crypto, Blockchain Infrastructure and Fintech. Jump Capital is affiliated with the broader JumpCrypto platform that is a key contributor and R&D partner to some of the leading crypto communities and critical crypto infrastructure projects.
For more details, visit — https://jumpcap.com/
About Sino Global Capital:
Sino Global Capital is an Asia-based blockchain and cryptocurrency-focused venture capital firm that provides strategic investment and support to exceptional companies and protocols that are moving the blockchain and digital asset ecosystem forward. Sino Global Capital recently launched a $200M investment fund with the support of FTX to invest in and support leading DeFi, Web 3, and mass consumer protocols.
For more details, visit — https://sinoglobalcapital.com/
About Buidlers Tribe:
Buidlers Tribe is an incubator that takes founders/startups from idea/proof-of-concept/MVP stage and works with them to build companies. They focus on Web3 companies and are platform agnostic. They vet appropriate startups for investors according to the investor’s needs and have access to various experts in the blockchain field.
For more details, visit: https://buidlerstribe.com/