According to an SEC filing, Alexis Ohanian, the co-founder of Reddit and early-stage VC agency Initialized Capital, is elevating a brand new fund, named 776, with a goal of $150 million. The submitting comes three months after the entrepreneur left Initialized Capital and a month after The Data first reported on his plans. Ohanian declined to touch upon particulars relating to the fund as a consequence of basic solicitation restraints.
Alongside the submitting, the fund launched an deliberately cryptic new web site: sevensevensix.com. It seems that the title of the fund is a reference to when the primary Olympics had been held, in 776 B.C.E.
The web site reads: “The primary Olympics introduced one of the best athletes from everywhere in the identified world to find out who was the best. The primary competitors was a 192m footrace; it was received by a cook dinner from a close-by village. We’re going again to that very first beginning line.”
If I needed to guess, I’d say Ohanian’s investing in pre-seed and seed startups. And he’s doubtless not investing in startups solely run by cooks in villages throughout Olympia, Greece.
His tie to the Olympics is private. Ohanian is husband to tennis celebrity and champion Serena Williams, who has 4 Olympic gold medals to her title. (Williams invests too, and joined Bumble’s funding fund a couple of years in the past). The truth is, the couple has a daughter, Alexis Olympia Williams. 776 is a possible nod to his gold medalist household, not simply the video games.
Additional particulars on Ohanian’s new fund, and what it plans to deal with, stay opaque.
In a statement to TechCrunch, Initialized Capital stated that Ohanian left the agency, which raised a $230 million fund in August, to work on a “a brand new undertaking that can help a technology of founders in tech and past.”
Earlier this 12 months, Ohanian left his board seat at Reddit following protests of police brutality. The co-founder urged Reddit to fill the seat with a Black board member. Reddit finally chosen Y Combinator CEO Michael Seibel to fill the place.