Alexis Ohanian Venture Fund Plots $776 Million in New Funds
Seven Seven Six, the venture capital fund launched by Reddit co-founder Alexis Ohanian in 2020, plans to raise $776 million for two new funds, according to investment documents viewed by The Information. The planned fundraising is more than 50% bigger than what it raised last year and will test investor appetite for bigger funds during a tough environment.
The Palm Beach, Fla.-based firm had an uneven start since its 2020 launch. It made a number of ill-timed bets on non-fungible-token projects like Yuga Labs—the startup behind the Bored Ape Yacht Club NFT collection—in early 2022 as crypto prices were falling, and last year suspended fundraising for a planned crypto fund. But it’s told prospective investors that its debut fund launched in 2021 has jumped in value, according to the documents.