Alexis Ohanian's venture firm called 776 Management has raised $500 million for two new funds to invest in crypto startups. According to The Wall Street Journal, crypto startups account about 40% of 776 Management's deals to date, including Axie Infinity, Lolli, and CoinTracker. Ohanian said in a commentary crypto will be the "majority of the portfolio by the end of this year."
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Besides crypto, the firm will also focus on companies in other sectors such as climate, food, and space exploration. Ohanian says he is most interested in technologies that make crypto products easy to use:
"What excites me about crypto are all of the things that no one would know is crypto."
He also added that 776 will be investing into trying to boost the "participation of women in the crypto market." In December last year, Polygon and Alexis Ohanian's another venture firm Seven Seven Six announced a $200 million initiative for social media on Web3. The Reddit Co-Founder noted that the community is still in the "early days of Web3" as the "most obvious opportunities" right now are in gaming and social.
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