Reddit co-founder Ohanian to raise money for new crypto fund
Reddit co-founder Alexis Ohanian is looking for $177.60 million for his new crypto venture, Kryptós.
Alexis Ohanian’s venture capital firm Seven Seven Six is looking to raise $177.6 million for its new fund called Kryptós, which will be focused on Web 3 and digital currency, The Information has reported.
Registered as an Investment Adviser (RIA) in April, Seven Seven Six can now invest in cryptocurrencies directly. And the fund’s founder, Katelin Holloway, believes that current market conditions are perfect for buying.
“This is the best time to buy if you’re in the business very long … It’s on sale. Everything is on sale.”
Seven Seven Six currently has 56 companies in its portfolio, including one of the most famous NFT project creators – Bored Ape Yacht Club’s Yuga Labs and QuickNode, a blockchain infrastructure company, with around $904 million in gross assets.
The way the fund plans to operate charges a management of 2.5% with 25% of the carrying interest.
Ohanian, who founded Reddit at the age of 23 and was an early investor in Coinbase, is married to Serena Williams, who is also no stranger to investing in crypto and blockchain companies.
Often called “the greatest tennis player of all time,” Serena is the founder of Serena Ventures, a venture capital firm that manages over 30 companies, including crypto.
The pair even became co-investors in a Bitcoin (BTC) rewards app Lolli last year.
In an interview with Bloomberg, Williams shared that her fund has invested in a wide range of industries, including crypto, web3, NFT and metaverse. She added that it is almost impossible to have a venture capital fund without a single investment in a digital asset-related startup these days.
The ongoing crypto winter doesn’t seem to have stopped the flow of investment in the cryptocurrency industry, with the biggest names in the market jumping in.
Investment giant Andreessen Horowitz (a16z) recently launched its fourth and largest crypto fund ever, valued at $4.5 billion.
Global macro hedge fund Brevan Howard Asset Management raised over $1 billion for its crypto-hedging venture in August.
A16z has not only poured money into their fund, but also funded other projects. The firm led a $50 million seed round for Gary Vaynerchuk’s latest NFT collection, VeeFriends.
For Be[In]Crypto’s Latest Bitcoin (BTC) Analysis, click here.
Disclaimer
All information on our website is published in good faith and for general information purposes only. Any action the reader takes on the information contained on our website is strictly at their own risk.
