“I’m proud to announce @sevensevensix has raised $500M for our two newest funds, bringing our total AUM (assets under management) to $750M,” Ohanian wrote in a tweet.
The new funds would be used to double down on investments in crypto startups, which will be the majority of the firm’s portfolio by the end of this year, the Wall Street Journal quoted Ohanian as saying.
The firm will also back companies in other sectors such as climate, food and space exploration, the report said.
Last year, 776 Management teamed up with the venture arm of the Solana Labs blockchain for a $100 million investment initiative in decentralized social projects.
(Reporting by Mehnaz Yasmin and Manya Saini in Bengaluru; Editing by Aditya Soni)