Alexis Ohanian strikes again with more funding for the crypto ecosystem, further displaying his faith in Web 3.
Alexis Ohanian – co-founder of Reddit – recently raised $500 million for his venture capital firm 776 Management LLC. He said that the new funds will primarily be used to “double down” on investment in crypto startups.by Wall Street Journal, Ohanian showed confidence in the growing entrepreneurial and software activity in crypto. As such, the company has 40% of its current funds in the sector, while the remainder goes towards others like space exploration, climate, and food.
“It will be the majority of the portfolio by the end of this year,” Mr. Ohanian said regarding the firm’s crypto investments. The firm’s new capital goes towards two new funds. One is the $300 million 776 Fund II, formed to support early stage crypto startups prior and leading to Seed A funding. The other is the $200 million Arete Fund I, focused on companies with more mature growth hosting larger Series A and B funding rounds.
One of the company’s primary focuses is to make women a larger part of the crypto market. According to aIt would also like to simplify use of crypto based products, to the point that customers need not even know they’re interacting with blockchain technology. Current industry examples of this lie in crypto-linked credit and debit cards, which allow merchants toLast year, Ohanian’s firmwith Solana Labs to invest $100 million in decentralized social media.
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