Alexis Ohanian’s VC Firm to Focus on Crypto With $500M Capital Raise: Report

Posted on by American Coins & Gold

Alexis Ohanian’s VC Firm to Focus on Crypto With 0M Capital Raise: Report
Reddit co-founder Alexis Ohanian’s venture firm 776 Management plans to double down on crypto in the coming year, having raised $500 million across two new funds, the Wall Street Journal reports.The newly launched Funds II include an early stage-focused $300 million vehicle, and a $200 million fund which will invest in Series A and B rounds. The two new funds will push 776’s portfolio to a majority stake in crypto investments in 2022, Ohanian told the Journal.Currently, crypto investments account for about 40% of the firm’s portfolio, according to the Journal. They include play-to-earn pioneer Axie Infinity, bitcoin rewards startup…