Reddit co-founder Alexis Ohanian is starting up a $150 million investment decision fund, according to SEC documents, the entrepreneur’s first undertaking since stepping down before this calendar year and asking Reddit to replace him on the company’s board with a Black candidate.
The fund is known as 776, which according to its web site, is a reference to 776 B.C.E, the initial yr the Olympics were held.
“The initial competitors was a 192m footrace it was received by a prepare dinner from a close by village. We’re likely back again to that really very first setting up line,” the website’s duplicate reads.
Ohanian is married to tennis star Serena Williams, who is a multi-Olympic gold medalist, and the pair have a daughter named Alexis Olympia.
No other details about the fund were being promptly out there, and Ohanian advised TechCrunch he could not comment further mainly because of SEC common solicitation principles.
Just after he resigned from Reddit’s board, Ohanian also left Initialized Funds, the investment decision company he co-founded in 2011, to aim far more on pre-seed investing in its place of Initalized’s seed-stage investing, Axios described, which may well be the concentrate of 776.
Crucial Track record
Ohanian created headlines before this 12 months when he resigned from Reddit’s board and questioned for a Black applicant to change him. The announcement came amid nationwide Black Life Make a difference protests subsequent the demise of George Floyd. “I’m expressing this as a father who requirements to be able to response his black daughter when she asks, what did you do?” Ohanian, who is married to tennis star Serena Williams, explained in a video posted on Twitter detailing the determination.
Serena Williams is also an active trader herself. Williams was the to start with athlete at any time to strike Forbes’ yearly record of the World’s Richest Self-Manufactured Women in 2019. She has invested in extra than 50 startups in excess of the past six several years by way of her expenditure firm Serena Ventures, which has a portfolio really worth at minimum $10 million.