South Florida based digital assets-focused venture capital firm led by Reddit’s co-founder is reportedly planning on raising $177.6 million for a new fund that will likely invest in early-stage Web3 startups, plus related cryptocurrencies.
Seven Seven Six (776), run by Alexis Ohanian, started fundraising relatively recently, according to The Information.
Following the likes of Sequoia and Bessemer Venture Partners, 776 has registered as an investment adviser with the SEC. The new fund, Kryptós, plans to commence operations in October.
The latest fund charges investors a 2.5% management fee — above the industry average of 2% or so.
The venture capital firm currently has 56 portfolio companies, including Yuga Labs — the creators behind the exclusive non-fungible token (NFT) collection Bored Ape Yacht Club and QuickNode, blockchain API and node infrastructure startup. It currently has $904 million of gross assets, according to regulatory filings…..