Polygon has teamed up with Alexis Ohanian, the co-founder of social networking giant Reddit, to launch a $200 million fund to focus on Web3 and social media.
In a press release, Polygon announced the launch of the new fund with Ohanian’s venture firm Seven Seven Six to back projects which are “at the intersection of social media and Web3.”
“Polygon’s mission is to offer a wide range of secure, fast, affordable and energy-efficient Ethereum scaling and infrastructure solutions for developers, empowering them to build Web3 applications for the world.
That is why Polygon is thrilled to have Alexis as a partner in this undertaking, who brings an unbeatable combination of deep industry experience, stellar investment track record and values that closely align with those of our community”
Image via Shutterstock
Besides being the co-founder of Reddit, Ohanian was also a seed investor in crypto exchange Coinbase, creators platform Patreon, and online real estate firm OpenDoor. His firm Seven Seven Six’s holdings include Sky Mavis, the makers of Axie Infinity, and a collection of large tech companies including reusable rocket maker Stoke Space and drone reforestation firm DroneSeed.
“We are still in the early days of Web3 and the most obvious opportunities right now are in gaming and social,” said Ohanian. “This initiative will do just that, with a focus on gaming properties and social media platforms built on Polygon's scalable infrastructure. We’ve already seen some of the best product founders in our portfolio start building on Polygon and I’m excited for Seven Seven Six and Polygon to play a big role in shaping what the new internet looks like.”
The launch of the new fund comes months after Ohanian announced a similar investment into Solana. At the Solana-focused Breakpoint conference, Ohanian said 776 was putting aside $50 million to investing in Solana-based social media projects.
“One of the reason why I’m here is to announce — I have a venture fund called 776 — we’re earmarking $50 million to invest in the next wave of social, built on Solana.”
