Reddit co-founder’s venture capital firm raises $177 million for new crypto fund

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seven seven sixthe venture capital firm led by the co-founder of Reddit Alexis Ohanianintends to raise $177.6 million for a new fund dedicated to investments in cryptocurrency tokens, according to a report.

Cryptosthe new fund, will be the company’s first cryptocurrency-only offering of two years, according to fundraising documents seen by Information.

Selling cryptocurrencies like Bitcoin BTC/USD and Ethereum ETH/USD creates an opportunity for investors, as well as extending this sale to digital tokens issued by blockchain companies.

“This is potentially a unique opportunity to invest in strong founders at a discount,” according to the fundraising documents, which add that the company intends to introduce the fund in October.

Crypto Markets On Sale

Katelin Holloway, founding partner of Kryptós said: “It’s on sale. Everything is on sale. »

When Kryptós launches in October, it will charge investors a 2.5% management fee and offer a universal 25% profit sharing plan.

The dividend increases to 35% if the fund doubles in size to five times its current level.

According CrunchBasethe company manages more than $750 million in total raised in three segregated funds since its inception in 2020.

The company’s first cryptocurrency-focused fund is Kryptós.

Venture capitalists get a discount

Seven Seven Six is ​​another illustration of how crypto investments have not declined despite market circumstances.

For instance, Multicoin Capital unveiled a $450 million cryptocurrency fund last month with a focus on initiatives that create “real-world blockchain infrastructure.”

Sandeep Nailwalthe creator of Polygon MATIC/USDand Kenzi Wang, the creator of Cere Network, created a cryptocurrency venture capital firm named symbolic capital.

They raised $50 million for this purpose.

“We [the founders] have built blockchain companies from the ground up and know intimately the unique challenges these projects face,” said Nailwal, adding that this is what makes him different from others.

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This article was originally published on Benzinga and appears here with permission.

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