P2 Ventures, also known as Polygon Ventures, is the strategic investment arm of Polygon Labs – the team behind the Polygon blockchain network and its suite of Ethereum scaling solutions. Operating as both a financial investor and ecosystem accelerator, P2 Ventures backs early-stage Web3 projects with particular interest in those building on or compatible with Polygon's infrastructure stack.
Polygon Labs was founded in 2017 by Jaynti Kanani, Sandeep Nailwal, Anurag Arjun, and Mihailo Bjelic – four engineers and entrepreneurs with roots in India's technology sector. The venture arm grew organically as Polygon's treasury expanded, accelerating significantly after Polygon raised $450 million in a 2022 funding round led by Sequoia Capital India, SoftBank Vision Fund, and Galaxy Digital, among others. The formal structure and branding of P2 Ventures reflects Polygon Labs' broader Polygon 2.0 initiative, which restructured the network's token economics and governance. Public information about the fund's dedicated AUM as a standalone vehicle is limited – capital is largely deployed from Polygon's ecosystem treasury rather than a closed-end fund structure.
The fund's mandate centers on decentralized finance, gaming and NFT infrastructure, developer tooling, and zero-knowledge proof technology – areas where Polygon Labs has built its own product lines. Geographic focus is global, with a heavy concentration in projects from Southeast Asia, Europe, and North America.
Notable investments
- QuickSwap – a leading decentralized exchange native to the Polygon network, backed early as a core DeFi building block for the ecosystem
- Stader Labs – liquid staking protocol that expanded to Polygon alongside other chains
- Biconomy – account abstraction and gasless transaction infrastructure for dApps
- Cometh – blockchain-based strategy game and NFT project deployed on Polygon
- Lens Protocol – decentralized social graph built directly by Aave Companies on Polygon, with P2 Ventures as a key ecosystem partner
Public information about the complete portfolio beyond ecosystem-aligned projects is limited. Many investments are announced informally through Polygon Labs' blog or ecosystem grant announcements rather than formal press releases with deal terms.
Team
The fund does not operate with a widely publicized dedicated investment team separate from Polygon Labs leadership. Investment decisions are understood to involve senior figures within Polygon Labs, including co-founders Nailwal and Bjelic, who have been publicly active in ecosystem grant and partnership discussions. Ryan Wyatt, who joined Polygon Labs as CEO in 2022 after leading YouTube's gaming division, has also been a visible figure in strategic partnership conversations. Detailed information about a standalone investment committee or named managing partners for P2 Ventures specifically has not been disclosed publicly.
Recent activity
Through 2024 and into 2025, Polygon Labs underwent significant internal restructuring tied to the Polygon 2.0 transition – migrating MATIC to the POL token and expanding its focus toward an interoperable network of ZK-based chains. P2 Ventures' activity during this period shifted toward zero-knowledge proof projects and chain abstraction infrastructure. The team made multiple ecosystem announcements backing projects in the ZK stack space. In late 2024, Polygon Labs also reduced headcount by roughly 19%, a move that likely affected internal operations including the pace of new investment activity.
P2 Ventures occupies a niche shared by other blockchain-native funds: its strategic value to portfolio companies extends beyond capital to include technical integration support, co-marketing within the Polygon ecosystem, and access to Polygon's developer community. Whether that translates to outperformance versus purely financial VCs remains an open question. For founders building on Polygon, the fund is a natural first call. For those building chain-agnostic infrastructure, its strategic fit is less obvious. With 29 known portfolio companies and a parent network that still commands significant DeFi and gaming TVL, P2 Ventures remains an active – if selectively disclosed – force in Web3 investing.
More information is available via Polygon Labs' official site and their Crunchbase profile.
