Polygon and Lumos Labs launch PolygonLEAP 2021 Accelerator

Elevation Capital, Lightspeed, Jump Capital, Woodstock Fund, Sino Global Capital, and Builders Tribe join as investment partners and mentors.

A grant amount of $250,000 has been set aside from Polygon for Indian startups that build projects on Polygon. These investments are contingent on the due diligence process, and the investment thesis fit with refusal rights afforded to both the funds and the founders.

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.

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 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.

“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,” Sandeep Nailwal, Co-founder, Polygon.

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, 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 focused on giving back to the community and building Web3 unicorns in India.

“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,” said Kaavya Prasad, Co-founder, Lumos Labs.

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, she added.

This accelerator will focus on startups in the Indian Web 3.0 space. The process will also include a series of meetups designed to engage and interact with the developer community.

Over four months, participants will build unique blockchain-based solutions along several tracks, including entertainment, decentralized finance, decentralized applications, and open innovation.