Polygon and Alexis Ohanian’s VC firm launch a $200 million fund for Web3 social media

Polygon has partnered with Seven Seven Six to create a $200 million initiative that will back Web3 projects building social media.

Seven Seven Six is a venture capital firm founded by Alexis Ohanian, the co-founder of Reddit, boasting a portfolio ranging from blockchain gaming startups to reusable rocket manufacturers.

Polygon is putting in the big bucks into Web3

In a Friday announcement, Polygon said that the fund was created to support projects exploring better ways for humans to communicate online. Partnering with a venture firm with a diverse and hugely successful portfolio will enable it to find and invest in projects looking to break through to the forefront of Web3.

“These past few years have brought a dawning realization that social media business models have a profound impact on our world. With Web3, users create the value, control the network and reap the rewards,” said Sandeep Naiwal, Polygon’s co-founder.

Seven Seven Six boasts a portfolio that ranges from Sky Mavis, the makers of Axie Infinity, and DroneSeed, a company tackling reforestation with drones, to reusable rocket company Stoke Space and innovative nutrition startup Better Brand.

With the future of Web3, a better version of social media is possible🤳. A future where we empower creators and users on the platform, and a better place for humans to connect online 👥

This is why we’re creating a $200M joint initiative with @0xPolygon.

— 7️⃣7️⃣6️⃣ (@sevensevensix) December 17, 2021

The venture firm was founded by Alexis Ohanian, who co-founded Reddit back in 2005. With an eye for groundbreaking social media trends, Ohanian led Reddit for over a decade before resigning in 2020. He was a seed investor in some of the most successful tech startups in the last decade, Including Coinbase, Instacart, and Patreon.

“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.”