776, the venture capital firm founded by Alexis Ohanian, co-founder of Reddit, has secured a $500 million investment to scale its support for innovative startups. The fresh funding will bolster 776’s commitment to early-stage companies, especially those in the crypto space, as well as other emerging tech sectors.

The investment is split into $300 million for startups at the earliest stages and $200 million for growth-stage companies poised for major breakthroughs. With this new capital, 776 strengthens its position in the market, already holding a diverse portfolio of 38 companies, including names like Alt, Pipe, Metafy, and Axie Infinity. Following a $150 million raise last year, 776 now manages assets worth over $750 million.

Prioritizing Crypto and Innovative Tech Sectors

776’s latest funding reflects its strategic focus on crypto startups, which currently account for 40% of its portfolio. The firm’s vision is to continue supporting the development of Web3 technologies and other innovative sectors.

“If they keep building in Web3, we’ll keep funding them,” said Alexis Ohanian, emphasizing the firm’s ongoing commitment. Alongside crypto, 776 is actively exploring opportunities in climate tech, space tech, food tech, and traditional SaaS businesses.

Scaling Operations with Carebro Platform

To support seamless collaboration, 776 plans to scale its in-house platform, Carebro, which facilitates smoother communication between the firm and the startups it backs. This operational efficiency is designed to foster stronger, long-term partnerships.

With this new funding, 776 continues to position itself as a leading supporter of breakthrough technologies, empowering startups to drive the next generation of innovation across multiple industries.