Today, we are excited to share news of our investment in Polygon, both a leader in Web3, and an innovator in vastly expanding the Ethereum user base. With scaling solutions from Polygon seeing widespread adoption, including 7,000+ applications hosted, 1B+ total transactions processed, ~130M+ unique user addresses, and $5B+ in assets secured; Transcend has joined more than 40 venture capital firms to invest in Polygon’s highly-successful $450 million funding round.
Polygon is building a suite of scaling solutions, including Polygon PoS, Polygon Edge and Polygon Avail, that is similar to what Amazon Web Services offers Web2 developers -- a tool for every possible use case. The team is also investing in cutting-edge zero knowledge (ZK) technology that will be key to onboarding the next billion users to Ethereum.
Over the past year, Polygon has attracted some of the biggest projects in Web3, from DeFi protocols such as lending platform Aave to luxury brands company Dolce & Gabbana and NFT marketplaces including OpenSea and Mark Cuban’s Lazy.com. Virtual worlds such as Decentraland and the Sandbox are also laying the groundwork for the metaverse on the network. More than 7,000 decentralized apps (dApps) are currently building on Polygon, making it the main destination for Web3 platforms and developers.
Polygon's collaborative approach aligns with our values and investment strategy. With Web3 and the evolution of the Metaverse, we see a once-in-a-generation investment opportunity where Polygon is a key innovator in the space. We are incredibly excited to see what the future holds with Polygon, watching their innovation and leadership in the continuously evolving space of Web3.
About Transcend Fund
Transcend is a top performing early stage venture capital firm that partners with the boldest founders in the industry to collaboratively build the future of interactive entertainment.
Founded in San Francisco by gaming veterans, the Transcend portfolio features a preeminent group of high growth digital entertainment companies around the world.
About Andrew Sheppard
Andrew is a strategist and seasoned executive focused on helping founders grow.
Andrew has over 20 years of experience building, managing and advising multi-billion dollar consumer businesses. Past employers include EA, Gamespot, Kabam and GREE. Andrew serves on the Board of Directors for Nexters and Rakuten Games. He has direct experience working in online media, social media game services, subscriptions, free-to-play, console games, online/PC games, mobile games and apps. His current focus areas include cross-platform games, Web3 and digital identities and communities.
Andrew is excited to put capital to work in service of companies that are passionate about reinventing the game.