Seven Seven Six to Launch $177M Crypto Fund – Blockworks
- The latest fund, Kryptós, will be launched in October this year
- Investments will likely be in early-stage Web3 businesses and cryptocurrency tokens
A venture capital firm focused on digital assets led by the co-founder of Reddit plans to raise $177.6 million for a new fund that will likely invest in early-stage Web3 startups, as well as cryptocurrencies. associated currencies.
Seven Seven Six (776), led by Alexis Ohanian, started fundraising relatively recently, according to Information.
After Sequoia and Bessemer Venture Partners, 776 registered as an investment adviser with the SEC. The new fund, Kryptós, plans to begin operations in October.
The latter fund charges investors a management fee of 2.5%, above the industry average of around 2%.
The venture capital firm currently has 56 portfolio companies including Yuga Labs – creators of Bored Ape Yacht Club’s exclusive non-fungible token (NFT) collection and QuickNode, blockchain API and node infrastructure startup. He currently has $904 million in gross assets, according to regulatory filings.
Cryptocurrency prices and valuations of blockchain startups have fallen since the collapse of TerraUSD in May. Crunchbase the data reveals Crypto investments fell from $6.1 billion in Q4 2021 to $5.1 billion in Q1 2022 and $4.2 billion in Q2 2022, but 776 partner Katelin Holloway remain optimistic.
“Now is the best time to buy if you’re really long in the industry,” Holloway said. Information. “This item is on sale. Everything is on sale.”
776 isn’t the only venture capitalist who appears to be buying the dip. Earlier today, Animoca Brands — Asia’s largest blockchain investment firm — received $100 million from Temasek, a Singaporean public investment firm, Bloomberg reported.
Other venture capital firms pouring money into the space last month include Brevan Howard Asset Management – which raised $1bn from institutional investors to launch the largest hedge fund cryptographic digital asset investment firm CoinFund, which raised $300 million to focus on early stage investing, startups Web3 and Shima Capital, which set aside $200 million to bet on early-stage private crypto companies.
776 did not immediately respond to a request for comment.
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