Alexis Ohanian’s VC Fund Raises $510 Million for Crypto Startups
(Bloomberg) -- Alexis Ohanian, a founder of Reddit Inc. and husband to tennis great Serena Williams, said his venture capital firm raised $510 million with a focus on crypto startups.
Ohanian started his firm 776 Management LLC in 2020 after parting with Initialized Capital, another crypto-centric VC outfit he co-created. 776 is among a wave of new funds targeting cryptocurrency and blockchain businesses.
776 now has $750 million in assets under management, Ohanian said. “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,” he said in a video message on Twitter.
Crypto startups currently account for 40% of 776's current deals, the Wall Street Journal reported Tuesday.
Ohanian touted commitments to diversity and inclusion with the new fund. More than half of the fund's backers are women, and part of their profits will fund programs supporting underserved communities.
©2022 Bloomberg L.P.
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