In keeping with an SEC submitting, Alexis Ohanian, the co-founder of Reddit and early-stage VC company Initialized Capital, is elevating a brand new fund, named 776, with a goal of $150 million. The submitting comes 3 months after the entrepreneur left Initialized Capital and a month after The Knowledge first reported on his plans. Ohanian declined to touch upon main points in regards to the fund because of common solicitation restraints.
Alongside the submitting, the fund introduced an deliberately cryptic new site: sevensevensix.com. Apparently that the title of the fund is a connection with when the primary Olympics have been held, in 776 B.C.E.
The site reads: “The first Olympics brought the best athletes from all over the known world to determine who was the greatest. The first competition was a 192m footrace; it was won by a cook from a nearby village. We’re going back to that very first starting line.”
If I needed to wager, I’d say Ohanian’s making an investment in pre-seed and seed startups. And he’s most likely no longer making an investment in startups only run by way of chefs in villages in every single place 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). Actually, the couple has a daughter, Alexis Olympia Williams. 776 is a most likely nod to his gold medalist circle of relatives, no longer simply the video games.
Additional main points on Ohanian’s new fund, and what it plans to concentrate on, stay opaque.
In a remark to TechCrunch, Initialized Capital stated that Ohanian left the company, which raised a $230 million fund in August, to paintings on a “a new project that will support a generation of founders in tech and beyond.”
Previous this yr, Ohanian left his board seat at Reddit following protests of police brutality. The co-founder instructed Reddit to fill the seat with a Black board member. Reddit in the long run decided on Y Combinator CEO Michael Seibel to fill the placement.
Source Autor techcrunch.com