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Reddit Cofounder’s VC firm raises $500 million mainly for crypto startups

Alexis Ohanian – co-founder of Reddit – recently raised $500 million for his venture capital firm 776 Management LLC. He said the new funds will mainly be used to “double” investments in crypto startups. More money for crypto As reported by the Wall Street Journal, Ohanian showed confidence in the growing entrepreneurial and software activity in crypto. As such, the company has 40% of its current resources in the sector, with the rest going to other resources such as space exploration, climate and food. “It will be the bulk of the portfolio by the end of this year,” Mr Ohanian said of the company’s crypto investments. The new capital of the company will go to two new funds. One is the $300 million 776 Fund II, created to support crypto startups early on and leading to Seed A funding. The other is the $200 million Arete Fund I, aimed at more mature-growth companies hosting larger series A and B funding rounds. One of the company’s main focuses is making women a bigger part of the crypto market. According to a survey by CNBC in August, there are twice as many male cryptocurrency investors as female. It also aims to simplify the use of cryptocurrency-based products, to the point where customers don’t even need to know they are interacting with blockchain technology. Current industry examples of this include crypto-linked credit and debit cards, which allow merchants to accept crypto payments without knowing it. Ohanian’s Love For Web 3 Last year, Ohanian’s company partnered with Solana Labs to invest $100 million in decentralized social media. He believes Solana’s “high-performance blockchain” could help make the Web 3 dream a reality by combining Web 2 features with Web 1 user ownership and control. A month later, he doubled down on a similar initiative with Polygon for $200 million. The investor already has a lot of experience in the cryptocurrency space, having been a seed investor in Coinbase, Opendoor and Patreon. Of course, his experience with Reddit of more than 15 years makes Web 3 a natural combination of both interests. In June, Ohanian claimed to own “a lot” of ETH, believing it to have the most potential in the crypto ecosystem. SPECIAL OFFER (Sponsored) Binance Free $100 (Exclusive): Use this link to register and get $100 Free and 10% Off Fees on Binance Futures First Month (Terms and Conditions). PrimeXBT Special Offer: Use this link to register and enter POTATO50 code to get 25% off trading fees.
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