Venture Capital: Seven Seven Six, A VC Founded By Reddit Co-Founder Ohanian, To Invest $177.6 M In Web3, Crypto
Alexis Ohanian’s new VC fund, 776, has already started fundraising.
Alexis Ohanian, the co-founder of Reddit, has floated Seven Seven Six, a venture capital firm focusing on investments in Web 3 and crypto currencies. A new fund from 776, titled Kryptos, is mobilising as much as $177.6 million and is expected its operations in October. (Blockworks)
Seven Seven Six – 776
776 has registered with the SEC is an investment advisor. It would charge a management fee of 2.5%, and already has 56 portfolio companies across $ 904 million in gross assets.
Why 776? Ohanian explains: “I named this new firm Seven Seven Six for a simple reason: it’s a reference to 776 B.C.E., the year of the first Olympic Games. The Olympics are the pinnacle of sports and equity—to be an Olympic Champion is the closest thing in any industry to achieving an objective measure of greatness.”
Katelin Holloway, a partner at 776, is optimistic about Kryptos’ plans to invest in digital assets considering the steep fall in the prices of crypto currencies and start-up valuations in the crypto assets space.
“It’s on sale. Everything is on sale. This is the best time to buy if you are really long on the industry,” said Holloway to The Information.
Portfolio investments at 776 include Yuga Labs — which created the non-fungible token (NFT) collection Bored Ape Yacht Club and QuickNode, a blockchain API and node infrastructure startup.
In a unique move aimed at nurturing founders 776, through its Seven Seven Six Growth & Caregiving Program will commit 1% on top of every check the firm writes to non-dilutive capital earmarked for “founder personal growth” and an additional 1% to “caregiving.”
“These dollars will sit in a separate pool of funds for exclusive use by our founders for several years after the initial investment,” Holloway wrote in a blog.
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