Alexis Ohanian, the co-founder of Reddit and the venture capital firm Seven Seven Six (776), announced that the VC attracted $500 M for its two newest funds. Thus, the amount of Seven Seven Six’s total assets under management reached $750 M.
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I’m proud to announce @sevensevensix has raised $500M for our two newest funds, bringing our total AUM to $750M. We’re just over 1 year old + I’m grateful some of the best institutional investors in the world have chosen us. (Tho yes, I was hoping we’d hit $776M AUM in Year 1). pic.twitter.com/NhCDnfy7u8
— AlexisOhanian.eth 7️⃣7️⃣6️⃣ (@alexisohanian) February 1, 2022
According to a report by Wall Street Journal, one of the funds is the $300 M 776 Fund II, which supports early-stage startups, taking part in pre-seed and Series A rounds. The other one, the $200 M Arete Fund I is focused on Series A, and beyond. 776 was founded in 2020. Ohanian mentioned that the company had a strong first year, with many enterprises investing in it.
He noted that the VC aims to form an investor pool that reflects society. The primary mission of 776 is investing in crypto startups, supporting the founders. The company's portfolio includes the NFT-based game Axie Infinity, BTC rewards application Lolli, and portfolio monitoring tool CoinTracker. Overall, the VC has made over 38 investments.
Interest in crypto startups continues to grow. Research by Galaxy Digital shows that in 2021, VCs invested over $33 bln in crypto and blockchain startups, which is more than all previous years together. At least 43 companies raising venture capital last year are unicorns.
The most amount of investments, around 42% went to companies providing trading, investing, exchange, and lending services. Among them are digital assets platform Bakkt, Axie Infinity, and others.