Seven Seven Six raises $150 million for its first fund

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For its first fund, Seven Seven Six has raised $150 million. The venture capital firm sets aside an additional 2% of a company’s investment to help founders with everything they might need, from childcare to travel. So far, the venture capital company has made 17 investments.

Seven Seven Six, a venture capital firm, has announced that it has raised $150 million for its first fund, said its founder Alexis Ohanian.

Mr. Ohanian founded Seven Seven Six in 2020 after announcing his departure from Initialized Capital, the startup capital firm he co-founded with Garry Tan in 2011.

Seven Seven Six has equity and inclusivity in its DNA. Women make up half of the firm’s limited partners, while Black or indigenous people make up 15%. One distinguishing feature of Seven Seven Six is introducing a 2% “Growth and Caregiving Commitment.”

The 2% commitment allocates an additional 2% of a company’s investment to provide financial assistance to founders for anything they may require, from childcare to travel if that is what is necessary to enable a founder to function in a healthy, balanced manner.

Seven Seven Six’s ideology also emphasizes transparency. Every year, the company intends to report on the expenditure from this 2% promise and the diversity and inclusion breakdown of its investments.

The firm is particularly interested in investing in seed rounds and leading those rounds to the greatest extent possible. The fund follows a slew of others that have raised money this year, as VCs continue to benefit from cheap interest rates that allow them to pour funds into their businesses.

Katelin Holloway and Lissie Garvin are founding partners of Seven Seven Six. At Initialized Capital and Reddit, both worked with Mr. Ohanian.

The name Seven Seven Six comes from the year of the first Olympics when a chef from a neighboring town won the Stadion race. Ohanian’s inspiration for the name comes from the fact that the cook was most likely a terrific athlete, but not the best. Many individuals were barred from the first Olympic games, including athletes from outside of Greece, those who couldn’t afford to go, and women who couldn’t even watch the games. 

When I thought about that track record and all the things that I’ve been proud of as an entrepreneur and investor, I couldn’t help but feel like I was celebrating the cook. I’m still very proud of that track record, but I know that I could have done better. I want the idea that we’re always on the first starting line trying to do better in pursuit of greater returns.

Alexis Ohanian. Founder, Seven Seven Six,

The VC firm has made 17 investments so far. Some of those are Pipe, Lolli,, Stoke, and Gloria, among others. 

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