Reddit co-founder and early-stage VC firm Initialized Capital, Alexis Ohanian, is raising a new fund called 776 with a goal of $ 150 million, according to an SEC filing. Filing occurs three months after the entrepreneur leaves Initialized Capital and one month after The Information first reported on its plans. Ohanian declined to comment on the fund's details due to general advertising restrictions.
During the filing, the fund launched a purposely cryptic new website: Sevensevensix.com. It appears that the name of the fund suggests when the first Olympic Games were held in 776 BC. Took place.
The website says: “At the first Olympic Games, the best athletes from all over the world determined who was the greatest. The first competition was a 192 m long course; It was obtained by a cook from a nearby village. We return to that first starting line. "
If I had to guess, I would say that Ohanian invests in pre-seed and seed startups. And he probably isn't investing in startups run entirely by chefs in villages all over Olympia, Greece.
His attachment to the Olympics is personal. Ohanian is the husband of tennis superstar and champion Serena Williams, who has four Olympic gold medals in her name. (Williams is also investing and has joined Bumbles mutual funds a few years ago). In fact, the couple have a daughter, Alexis Olympia Williams. 776 is likely a nod to its gold medal winning family, not just the Games.
Further details on Ohanian's new fund and the planned focus areas remain obscure.
In a statement to theinformationsuperhighway, Initialized Capital said Ohanian had left the company, which launched a $ 230 million fund in August, to work on “a new project that will serve a generation of founders in technology and beyond will support ".
Earlier this year, Ohanian left his Reddit board of directors after protests of police brutality. The co-founder called on Reddit to fill the seat with a black board member. Reddit eventually selected Michael Seibel, CEO of Y Combinator, to fill the position.