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