776 Secures Investment Worth $500 million; Plans on Helping More Crypto Startups

    There are many factors that drove human beings to the heights we reached, but being able to construct our own solutions probably tops them all. You see, this is mainly how we got through various challenges along the way. Now, if we look at our solutions, we’ll see that they differ a lot in their nature. After all, each one was made for a unique purpose, and yet when you bring a concept like technology into the discussion, you can say it is miles ahead of others even without making an active comparison. Such a dynamic is present here because technology, in all honesty, remains the most innovative man-made product of all-time. Apart from giving us some big solutions, it has also opened up whole new avenues within our world. Nevertheless, more opportunities mean higher stakes, so in order to successfully realize our new-age vision; we must optimize these opportunities first. 776 is helping the companies do exactly that, and guess what, it has just been given the ammunition to do it on a much grander scale.

    776 has officially revealed the details about its new funding, which is reported to be worth over $500 million. Interestingly enough, the oversubscribed $300 million from this figure is expected to go towards funding startups at the earliest possible stage, whereas the other $200 million will be allotted to companies in their growth phase or the ones that are showing concrete signs of breaking out. Founded by Alexis Ohanian, who also started Reddit, 776 has quickly established itself as a major player in the market. At the moment, the company has 38 names on its portfolio, including Alt, Pipe, Metafy, Axie Infinity, and more. Having raised $150 million just a year ago, 776 now has a claim on assets worth well over $750 million.

    With the latest funding, however, the company plans to ramp up the focus on crypto startups. 776’s portfolio already shows a 40% share of crypto-related companies, and as it looks like, the number is poised to go up.

    “So if they keep building in Web3, we’ll keep funding them,” Ohanian said. “We’re also seeing a strong push into climate tech, space tech, food tech and still good old-fashioned SaaS businesses.”

    While it strides ahead on that front, 776 further hopes to scale up what is an in-house operating system called Carebro. Carebro is designed to make the interactions between 766 and the founders relatively more seamless, thus setting up the perfect stage for meaningful collaborations over the long-term.

     

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