In June of this past year, Alexis Ohanian declared that he had been departing Initialized Capital, the partnership firm he co-founded alongside Garry Tan in 2011. Nearly a year later, he’s declaring that his new partnership firm, Seven Seven Six, has raised $150 million for its initial fund.
Seven Seven Six is named for the year of the first Olympics, when a cook out of nearby village ended up winning the Stadion race. Ohanian’s idea with the title originates from the fact that the cook was likely a fantastic athlete, but not always the greatest athlete out there; lots of people were excluded from the first Olympic games, from athletes beyond Greece to those who didn’t have the capacity to show up to girls, who were not even permitted to watch the games.
“When I thought about that track record, and all the things that I’ve been proud of as an entrepreneur and investor, I couldn’t help but feel like I was celebrating the cook,” explained Ohanian. “I’m still very proud of that track record, but I know that I could have done better. I want the idea that we’re always on the first starting line trying to do better in pursuit of greater returns.”
He added that this pursuit, to leave no entrepreneurial stone unturned, is not always something he wants to do because he enjoys it and it feels great, but because”it will make more money, it’s more successful and more effective.”
Equity and inclusion, then, is built into the DNA of Seven Seven Six. Half of the firm’s limited partners are women, and 15 percentage are black or native people.
Alongside Ohanian, Katelin Holloway and Lissie Garvin are taking founding positions at Seven Seven Six. Both worked together with Ohanian in Initialized and Reddit.
One other unique piece of Seven Seven Six is it is introducing a two %”Growth and Caregiving Commitment.” Ohanian clarified that, when he had been moving through Y Combinator, he was going through a tough time in his private life. His mother was suffering with an illness, along with his girlfriend (at the time) was in an accident overseas.
So, as he was establishing a company, he was also traveling to observe that the people he loved who desired him. The financial burden added much more complexity to his life, and also an incalculable level of anxiety.
The 2% commitment sets apart an extra 2 percent of an investment Seven Seven Six makes into a specific company, to provide financial support to founders for whatever they might want, from childcare to travel to surfing courses, if that is what is needed to assist a creator perform in a healthy, balanced manner.
Transparency is also an integral part of Seven Seven Six’s philosophy. The firm plans to report the spending out of this 2% commitment, in addition to the diversity and inclusion breakdown of its investments every year.
Thus far, the VC company has produced 17 investments. In the release:
Lolli, a bitcoin-back rewards program leading the charge of mainstream adoption by providing shoppers free bitcoin
Pipe, a global trading platform for continual revenue flows which only announced a $2B evaluation in under 1 year
QuickNode, a Major Web3 developer platform for building and functioning blockchain-powered software
Alt, a platform where users can buy and sell other assets like trading cards, exactly the Identical way you want with shares
Pearpop, a company revolutionizi