Reddit Co-Founder Raises $177.6M In New Crypto Fund
- August 31, 2022
- 0
Seven Seven Six, the venture capital firm of Reddit co-founder Alexis Ohanian, will set up a new $177.6 million Kryptos fund in October. The documents of the structure
Seven Seven Six, the venture capital firm of Reddit co-founder Alexis Ohanian, will set up a new $177.6 million Kryptos fund in October. The documents of the structure were reviewed in The Information.
“There is now a unique opportunity to invest in strong founders at a discount”, says marketing materials.
The fund will focus on buying cryptocurrencies like Bitcoin and Ethereum.
“There is a sale” – commented Caitlin Holloway, co-founder of the structure.
The management fee will be 2.5% of the AUM and the success fee will be 25% of the profit (35% if the fund volume increases five times from the initial level).
Kryptos will be the first Seven Seven Six fund focused solely on buying cryptocurrencies.
Recall that in February 2022, the firm of Alexis Ohanyan collected $ 500 million for two structures.
Considering the joint fund initiated by Seven Seven Six with the Polygon project, the total amount of funds managed reached $750 million.
Earlier, Polygon co-founder Sandeep Nailwal raised $50 million to invest in Web3 projects.
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