May 26, 2022

Alexis Ohanian, co-founder of Reddit, venture capitalist and enthusiast twitter user, last week quietly announced a new initiative from its Seven Seven Six (776) venture: 776 Titans Fund. The new fund, as the company describes it, “plans to focus on emerging executives, each with their own impressive distribution channels and unique experience supporting startups.” Each fund will operate independently and receive an initial investment of between $776 and $500,000, as well as access to Cerebro (the company’s proprietary operating system) and continued support for Series A, a digital finance platform for enterprises, the company said in a statement. The seed round was led by 776.

Three teams have already received checks from Ohanian & Co.: Marques Brownlee of MKBHD Ventures (Brownlee is known for his tech videos on his YouTube channel and usually targets early-stage startups); Allison and Wes Felix, siblings of Crenshaw Ventures (Allison is a five-time Olympian and founder of a lifestyle brand, and both plan to invest in Web3, Metaverse, and fintech companies); and Cleo Abrams of Giant If True Ventures (Abrams is an Emmy-nominated video producer and brewing journalist).

To learn more, we contacted Ohanyan last week and asked him a few questions. He responded to them by email.

TC: The $500 million equity split between the two funds that the Titans Fund announced last month is 776 announced, or is it a separate fund? And how much money do you need to invest?

AO: It’s a spin-off of Fund II and we’re investing about $10 million.

What are the criteria for investment?

We are looking for people for whom the great founders will definitely want to make room at their capital table. Why? Unbeatable delivery and/or a combination of their reputation and experience. We are looking for something that traditional venture capitalists do not have. The difference is what the best founders are looking for – everything else is just capital.

What is so special about Cerebro and how does it help the 776 work?

Cerebro is the operating system we built on the 776 and used for everything. Our team, Founders, LPs (and soon Titans) have their own logins and workflows.

I started out like any good product manager and ranked everything I do as a venture capital and then sorted the most valuable tasks that were the most productive and started building. The first is the network – we have a huge network from which the founders learned a lot, but asking a person “do you know anyone on twitter” to get to know someone is not very effective. Databases are much better suited for this kind of search, which is why our online search and dating tool was the first product we released, allowing founders to search over 44,000 contacts at any time, request a view with a single click, and team them up. you can. relation to this contact.

[These fund managers] They will have their own access to Cerbero, which will help them use capital more efficiently and effectively – and this federation of funds connected to our global mind should bring very interesting benefits.

How many managers does the company plan to fund here?

The ancient Greeks had 12 titans (the Olympian pantheon of gods as we know it today), but with the enthusiasm and capabilities we’ve seen, there would have been more than 20.

Would 776 invest in a nascent fund that already exists, instead of helping someone get into the world of investing?

Our main task is to support new managers. Many of them have already invested in Angel, but we do not rule out the support of Fund II.

You’re focused on diversifying the investment world, but of course the Fund of Funds’ efforts are also a smart way to spot trades that therapists might otherwise miss, so I’m wondering: are you one of the managers? Are you planning to do something different? ? Prefer to support many other investment managers in deals like 776 Web3? Does the Boeing 776 use Scout or plan to use Scout someday?

We believe that all of these managers will bring incredible returns – the goal here is always excellence – and many of them will overlap with a universal company like ours, although we work a lot with Web3.

Some of the topics we have already supported are generalists, cryptocurrencies, consumers, politics, hard tech and construction. Thanks to Cerebro, we have information about the companies that finance our managers, but there are no expectations or requirements [scouts for us]I’m the titans who run their own fund that we LPs are happy with.

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