Reddit co founder Alexis 776 closes new $ 500 M venture fund
- ByStartupStory | February 2, 2022
Seven Seven Six, better known as 776, proclaimed that it has ended on $ 500 million across two vehicles for its second fund.
The rise of “ Highly subscribed”, with $ 300 million going towards funding start ups at their “ earliest possible” stage and $ 200 million distributed for backing- companies at their evolution, stages— or once they begin to break out, According to 776 founder Alexis Ohanian.
Particularly, 776 only ended on it’s first $ 150 million, also high subscribed – fund just a year ago.
It now has $ 750 million worth of assets under management.
“ We saw consequential Mark ups from our beginning in Fund and I ended up needing to rise this second fund sooner than expected,” Ohanian told tech crunch in an email interview.” Good problems to have!.”
Today, the 776 portfolio consists of over 38 companies that have incrementally risen to higher than $ 800 million in follow on, capital.
As a matter of interest, the firm “ almost always “ open to the rounds in contributing, according to Ohanian.
Companies within the 776 portfolio include Alt, a decretion asset trading platform.
Pipe, a global trading tribune that makes intermittent revenue streams, tradable for their annual value.
Axie infinity, a web 3 play- to earn online gaming universe.
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