The venture firm of Reddit co-founder Alexis Ohanian — Seven Seven Six — has created two new funds totaling $500 million.
I’m proud to announce @sevensevensix has raised $500M for our two newest funds, bringing our total AUM to $750M. We’re just over 1 year old + I’m grateful some of the best institutional investors in the world have chosen us. (Tho yes, I was hoping we’d hit $776M AUM in Year 1). pic.twitter.com/NhCDnfy7u8
— AlexisOhanian.eth 7️⃣7️⃣6️⃣ (@alexisohanian) February 1, 2022
The total assets under management at Seven Seven Six, including the fund launched jointly with the Polygon project, reached $750 million.
Ohanian said that over the past decade the team has invested in 24 unicorns and 11 decacorns, with almost all funding secured at the early stage.
The portfolio already includes startups valued at more than $1 billion — Pipe and Sky Mavis, the developer of Axie Infinity.
Earlier, the venture firm, together with Solana Ventures established a $100 million fund to invest in the growth of Web 3.0 and blockchain-based social networks.
Analysts at Grayscale Investments forecast that annual revenue for the Web 3.0 metaverse sector could reach $1 trillion.
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