According to the marketing materials for the new crypto fund, “Now is potentially an exceptional opportunity to invest in solid founders at a discounted price.” Alexis Ohanian, co-founder of Reddit’s venture capital firm Seven Seven Six, plans to raise $177.60million for a crypto-focused fund called Kryptos.
“Now is a great opportunity to invest in strong founders for a discount,” read the fund’s marketing materials by The Information.
Kryptos snatched up popular cryptocurrencies such as Bitcoin and Ethereum at a discounted price, citing the downturn in the crypto market as a way of getting into the industry.
It’s on sale. All items are on sale,” Katelin holloway, founder partner, stated to The Information.
Kryptos will be charging investors a 2.5% management charge upon its launch in October. They also offer a 25% share of all profits. The payout will rise to 35% if the fund grows five times its current size.
Since its inception, the firm has managed more than $750 million in total funds across three funds. Kryptos was the first crypto-centric fund.
Decrypt reached Seven Seven Six to ask about Kryptos, but has not heard back.
Seven Seven Six is yet another example of how crypto funding has not slowed despite market conditions.
Multicoin Capital launched a \$450 Million Crypto Fund last month. It focuses on projects that create “real-world infrastructure” in the blockchain space.
Polygon founder Sandeep Nailwal, and Cere Network founder Kenzi Zhang also launched a crypto VC company called Symbolic Capital with $50 million in funding to support emerging Web3 companies.
This is because the founders built the blockchain company from scratch and are familiar with the unique challenges these projects face, stated Nailwal.
