Reddit co-founder Ohanian’s venture capital firm raises $500 million


(Reuters) – Reddit co-founder Alexis Ohanian mentioned on Tuesday his venture capital firm 776 Management LLC has raised greater than $500 million throughout two new funds.

The firm was launched in 2020 and has invested in a number of crypto firms reminiscent of bitcoin rewards startup Lolli and crypto tax firm CoinTracker.

“I’m proud to announce @sevensevensix has raised $500M for our two latest funds, bringing our complete AUM (belongings underneath administration) to $750M,” Ohanian wrote in a tweet.

The new funds can be used to double down on investments in crypto startups, which would be the majority of the firm’s portfolio by the tip of this 12 months, the Wall Street Journal quoted Ohanian as saying.

The firm may also again firms in different sectors reminiscent of local weather, meals and house exploration, the report mentioned.

Last 12 months, 776 Management teamed up with the venture arm of the Solana Labs blockchain for a $100 million funding initiative in decentralized social initiatives.

It has additionally backed camera-based social media app Dispo, video taking pictures app Clash and Natalie Portman’s Angel City Football Club.

(Reporting by Mehnaz Yasmin and Manya Saini in Bengaluru; Editing by Aditya Soni)

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