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Reddit co-founder Ohanian's venture capital firm raises $500 million

Reddit co-founder Ohanian's venture capital firm raises $500 million
Reddit co-founder Ohanian's venture capital firm raises $500 million   -   Copyright  Thomson Reuters 2022
By Reuters

– Reddit co-founder Alexis Ohanian said on Tuesday his venture capital firm 776 Management LLC has raised more than $500 million across two new funds.

The firm was launched in 2020 and has invested in several crypto companies such as bitcoin rewards startup Lolli and crypto tax company CoinTracker.

“I’m proud to announce @sevensevensix has raised $500M for our two newest funds, bringing our total AUM (assets under management) to $750M,” Ohanian wrote in a tweet.

The new funds would be used to double down on investments in crypto startups, which will be the majority of the firm’s portfolio by the end of this year, the Wall Street Journal quoted Ohanian as saying.

The firm will also back companies in other sectors such as climate, food and space exploration, the report said.

Last year, 776 Management teamed up with the venture arm of the Solana Labs blockchain for a $100 million investment initiative in decentralized social projects.

It has also backed camera-based social media app Dispo, video shooting app Clash and Natalie Portman’s Angel City Football Club.