In Brief:
- Ohanian touted commitments to focus majorly on crypto startups.
- The new funds are targeted to be allocated as the early-stage funds and into Series A and B funding rounds.
- 40% of the firm’s current portfolio is accumulated by crypto-driven companies.
Alexis Ohanian, founder of 776 Fund Management Company in an elated Twitter post, announced that it closed the deal for its Fund II on $500 Million, of which the company intends to allocate $300 Million to funding crypto startups at their “earliest stages” while the rest $200 Million on backing up the companies when they break out.
According to the Wall Street Journal, crypto startups currently account for 40% of 776’s current deals. They include play-to-earn video game pioneer Axie Infinity, bitcoin rewards startup Lolli, and crypto tax company CoinTracker.
The raise was oversubscribed as was the company’s first $150 Million just a year ago, bringing their total under management assets to $750 Million.
“We’ve had a strong first year, and some of the very best founders in the world have responded by making us their earliest investors,” shared Alexis in the video message.
Ohanian, who also co-founded Reddit and Polygon, told The Wall Street Journal that 776’s new fund will invest “primarily in crypto startups.”
“We feel a deep responsibility to help usher in this new age of technology, with intention – both through the founders we choose to invest in and how we support them in their important work,” Ohanian expressed reportedly.
The 776 portfolio now includes over 38 companies that have raised over $800 million in follow-on capital. According to Ohanian, the firm “almost always” leads the rounds in which it participates.
Earlier, Ohanian collaborated with Polygon to focus on providing the developers with a broad selection of safe, fast, reasonable, and energy-efficient Ethereum scaling enabling them to build Web3 apps.
