This post is by Jordan Crook from Fundings & Exits – TechCrunch
In June of last year, Alexis Ohanian announced that he was leaving Initialized Capital, the venture firm he co-founded alongside Garry Tan in 2011. Nearly a year later, he’s announcing that his new venture firm, Seven Seven Six, has raised $150 million for its first fund.
Seven Seven Six is named for the year of the first Olympics, when a cook from nearby village ended up winning the Stadion race. Ohanian’s idea with the name stems from the fact that the cook was likely a fantastic athlete, but not necessarily the best athlete out there; many people were excluded from the first Olympic games, from athletes outside of Greece to those who didn’t have the means to show up to women, who weren’t even allowed to 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,” said Ohanian. “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.”
He added that this pursuit, to leave no entrepreneurial rock unturned, is not necessarily something he wants to do because he enjoys it and it feels good, but because “it will make more money, it’s more successful and more effective.”
Equity and inclusion, then, is built into (Read more...)