Seven Seven Six starts crypto funds of $ 177 million

Seven Seven Six starts crypto funds of $ 177 million

A risk capital company, which is aimed at digital assets, under the leadership of Reddits, plans to report to raise $ 177.6 million for a new fund that will probably invest in early stages in web3 startups and associated cryptocurrencies.

Seven Seven Six (776), led by Alexis Ohanian,, according to the information, only started collecting donations relatively short time ago The information .

After Sequoia and Bessemer Venture Partners, 776 registered as an investment consultant at the SEC. The new fund Kryptós is scheduled to take up in October.

The latest fund demands an administrative fee of 2.5 % from investors - above the industry average of around 2 %.

The risk capital company currently has 56 Portfolio company, including Yuga Labs-The creators behind the exclusive non-fungable token (NFF)-Bored Ape Yacht Club and Quicknode, Blockchain API and startup node infrastructure. It currently has $ 904 Gross assets according to the official documents.

The prices for cryptocurrencies and the reviews of blockchain startups have broken down since the collapse of Terrausd in May. Crunchbase Data betrayed The cryptoinvestment went from $ 6.1 billion in the 4th quarter of 2021 to $ 5.1 billion in the 1st quarter of 2022 and $ 4.2 billion in the 2nd quarter of 2022, but the 776 partner Katelin Holloway remains optimistic.

"This is the best time for a purchase if you have really worked in the industry for a long time," said Holloway The information . "It is for sale. Everything is on offer."

776 is not the only risk capital provider that seems to buy the DIP. Animoca Brands-Asia's largest blockchain investment company-received $ 100 million from Temasek, a state investment company from Singapore, Bloomberg reported.

other risk capital companies that pumped money into the room last month are Brevan Howard Asset Management-the $ 1 billion of institutional investors, to found the greatest crypto hedge fund of all time, the investment company for digital assets, which raised $ 300 million to concentrate -stage-web3 startups and Shima Capital, which put $ 200 million aside to bet on private crypto companies in the early phase.

776 did not immediately answer a request for comment.

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The contribution Seven Seven Six to Launch $ 177m Crypto Fund is not a financial advice.