Reddit co-founder Alexis Ohanian’s venture capital company Seven Seven Six plans to raise $177.60 million for a new crypto-focused fund named Kryptós.
“Now is possibly a once-in-a-lifetime chance to invest in great entrepreneurs at a discount,” according to the fund marketing materials obtained by The Information.
Kryptós purchased prominent cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) at a discount, claiming the crypto market fall as a means to enter the business.
“It’s for sale. Everything is for sale,” said founding partner Katelin Holloway to The Information.
Kryptós will charge a 2.5% management fee to investors when it launches in October and will take a 25% cut of any profits produced. If the fund expands to five times its present size, the dividend increases to 35%.
According to CrunchBase, the business has managed more than $750 million in total money collected across three separate funds since its establishment in 2020. Kryptós is the firm’s first crypto-focused fund.
Decrypt contacted Seven Seven Six to enquire about Kryptós but has yet to get a response.
Seven Seven Six is another illustration of how, despite market circumstances, crypto financing has not halted.
Multicoin Capital, for example, announced a $450 million crypto fund last month, concentrating on companies that develop “real-world infrastructure in the blockchain realm.”
Polygon founder Sandeep Nailwal and Cere Network founder Kenzi Wang recently created Symbolic Capital, a crypto venture capital business with a $50 million fund to help up-and-coming Web3 enterprises.
What sets this apart is that “we [the founders] developed blockchain firms from the bottom up and are intimately aware of the particular issues that these ventures encounter,” according to Nailwal.