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Leading Ethereum scaling and infrastructure development ecosystem Polygon and tech innovation management firm Lumos Labs have partnered to launch the PolygonLEAP 2021 Accelerator – an initiative to support Indian startups with mentorship and ecosystem support in their Web 3.0 journeys.

Elevation Capital, Lightspeed, Jump Capital, Woodstock Fund, Sino Global Capital, and Buidlers Tribe have joined as investment partners and mentors.

Polygon has set aside $250,000 as the total grant amount for Indian Web 3.0 startups that build on its network. Startups part of the accelerator also stand to raise pre-seed/seed investments of over $9 million from the capital partners.

Sandeep Nailwal, Polygon Co-Founder, said:

“Polygon seeks to empower Web 3.0 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.”

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

Registrations for the PolygonLEAP 2021 Accelerator are open as of today until February 4, 2022. Over a four-month period, participants will build unique blockchain-based solutions along several tracks, including entertainment, decentralised finance, decentralised applications, and open innovation, according to a statement.

The programme will also include a series of meetups designed to engage and interact with the developer community. It will conclude with a month-long bootcamp phase where selected startups will turn their vision into reality under mentorship from the industry’s leaders.

Polygon is a protocol and a framework for building and connecting Ethereum-compatible blockchain networks. It has now emerged as the go-to scaling solution for Ethereum.

The accelerator comes at a time when the global blockchain ecosystem has expanded rapidly and revolutionised multiple sectors including finance, technology, investments, banking, entertainment.

With a 121 percent increase in Series A deals over a five year period, blockchain technology has emerged as the second fastest-growing startup sub-sector globally, as per the Global Startup Ecosystem Report 2021 (GSER).