Reddit co-founder to raise $177.6m for new crypto fund

The venture firm of Reddit co-founder Alexis Ohanian—Seven Seven Six—will launch the Kryptos fund in October with a size of $177.6 million. The documents were reviewed by The Information.

“There is a unique opportunity to invest in strong founders at a discount,” the marketing materials say.

The fund will focus on acquiring cryptocurrencies such as Bitcoin and Ethereum.

“There is a sale under way,” Katelin Holloway, a founding partner, commented.

The management fee will be 2.5% of AUM, with a 25% carried interest on profits (35% if the fund’s size increases fivefold from the initial level).

Kryptos will be the first Seven Seven Six fund to focus exclusively on purchasing cryptocurrencies.

Earlier in February 2022, Alexis Ohanian’s firm собрала $500 млн for two structures.

The aggregate assets under management by Seven Seven Six, including the запущенного совместно с проектом Polygon фонда reached $750 million.

Earlier, Polygon cofounder Sandeep Nailwal привлек $50 млн for investments in Web3 projects.

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