Seven Seven Six Raising $170M+ To Invest in Cryptocurrencies

• Alexis Ohanian’s Seven Seven Six is raising money to invest in crypto.
• Kryptós is the company’s first extensively crypto-focused fund.
• Seven Seven Six recently led a fundraising effort to launch a new web3 IP.

According to a story published on the news website The Information, the venture capital company Seven Seven Six, which is managed by Alexis Ohanian, one of the Reddit co-founders, intends to raise $177.6 million for a new fund that will concentrate on investments in cryptocurrencies.

The company has been operating for two years, and this new fund, which will be known as Kryptós, will be the first one to concentrate only on crypto. It will attempt to capitalize on the recent sell-off—which lasted months—in cryptocurrencies such as Bitcoin and Ethereum, that has stretched to the virtual currency issued by blockchain businesses. 

According to the documents used for the fundraising, there is now a possible once-in-a-lifetime chance to invest in successful founders at a reduced cost. The company plans to introduce the fund in the month of October.

The documents also showed that Kryptós would assess an annual management fee of 2.5% to investors. The documents emphasized that it will also be entitled to a carried interest in the amount of 25% of the fund’s earnings, with the potential for an increase to 35% if the fund returns five times or more than the initial investment.

In related developments, a funding round was led by the Alexis Ohanian company, a few weeks ago, to launch new animated intellectual property (IP) across social media and web3, expand the footprint to new platforms, and further monetize its existing suite of franchises, animation studio “Invisible Universe” raised $12 million in Series A funding.