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776, VC Firm Founded by Reddit’s Alexis Ohanian, Raises $500M

UTC by Sanaa Sharma · 3 min read
776, VC Firm Founded by Reddit’s Alexis Ohanian, Raises $500M
Photo: TechCrunch / Flickr

According to Ohanian, the company came across several substantial markups from their first investment in Fund I and therefore, resulted in requiring more funds for round two, much sooner than was initially decided.

Venture Capital firm Seven Seven Six, also known as 776, has recently closed a $500 million funding round for two separate funds that target the crypto space. The venture capital firm 776 which was established in 2021 is founded by Reddit co-founder Alex Ohanian. In a report from Tuesday, the media quoted a message from Ohanian saying that crypto will enjoy the major share of the funds by the end of the year.

According to the announcement, around 300 million dollars from the funds will be invested in startups at the initial stage, while 200 million dollars will be allotted to supporting organizations and firms in the developing stages. Impressively, Seven Seven Six has been able to secure $150 million within the very first year. Currently, the company possesses a whopping number of $750 Million worth of assets under its management.

According to Ohanian, the company came across several substantial markups from their first investment in Fund I and therefore, resulted in requiring more funds for round two, much sooner than was initially decided.

At present, Seven Seven Six enjoys a diverse clientele of more than thirty-eight firms, with an increasing capital of over eight million dollars. Moreover, the Seven Seven Six is usually the leader in any funding round it participates in, says Alexis Ohanian.

A company involved in the 776 portfolio is Alt, an alternative asset digital currency to Bitcoin. The word Altcoin, which is a blend of the word “alternative” and “coin”, is an inspiration for the firm’s name. Some other companies that have been backed by 776 are Pipe, an international trading platform for systematic income sources, Axie Infinity, a Web3 play-to-earn online gaming space that observed more than 200 percent growth in the previous year, and finally, Metafy, a platform that allows the most promising players around the world to monetize their talent via one-on-one coaching sessions.

In May last year, the estimation of company Pipe, which ultimately wants to bet the “Nasdaq for revenue”, was at 2 billion USD and raised USD 150 million. On the other hand, Axie Infinity, a company that publicized play-to-earn (P2E) games to every household, raised $152 million from the Andreessen Horowitz investment fund. In addition to that, Metafy, a startup that operates a marketplace for video game coaching, announced a closed deal of $25 Million in a Series A funding round. Leading investors in the round included Tiger Global and Seven Seven Six.

Seven Seven Six is co-founded by Katelin Holloway and Lissie Garvin alongside Alexis Ohanian. Both Holloway and Garvin worked previously at Initialized and Reddit with Ohanian.

Business News, Cryptocurrency news, Investors News, News
Sanaa Sharma
Author Sanaa Sharma

Sanaa is a chemistry major and a Blockchain enthusiast. As a science student, her research skills enable her to understand the intricacies of Financial Markets. She believes that Blockchain technology has the potential to revolutionize every industry in the world.

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