Recently, Polygon and Seven Seven Six launched a $200 million initiative to back Web3 - social media projects.
Seven Seven Six is owned by Alexis Ohanian who co-founded Reddit in 2005. The Polygon team said that they are thrilled to have Alexis as a partner in this undertaking as he brings an unbeatable blend of deep industry experience, stellar investment track record and values that closely align with those of Polygon community.
Source: Polygon
Polygon as an Ethereum scaling solution has expanded rapidly this year, with more than 3,000 decentralized applications built on its network. Earlier this month, the firm announced that it was dedicating 250M MATIC tokens (valued at $627.5 million) to develop zero-knowledge technologies meant for complex Defi applications.
"We are still in the early days of Web3 and the most obvious opportunities right now are in gaming and social," remarked 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."
Seven Seven Six, already owns a manifold portfolio that ranges from DroneSeed, a firm taking on reforestation with drones and Sky Mavis, the makers of Axie Infinity, the popular Play-to-Earn (P2E) Web3 gaming franchise, to Better Brand. Ohanian co-founded Initialized Capital in 2010 and has been a seed investor in Coinbase, Instacart, GOAT, Flexport,Opendoor, Ro, Patreon,Papa, and more.
This initiative isn’t Ohanian’s first foray into Web 3.0 development. In November, he teamed up with Solana Ventures to raise $100M for various Web 3.0 initiatives. Ohanian is also an outspoken advocate for Open Internet and equity and an active supporter of minority- and women-owned businesses.
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