Reddit co-founder Alexis Ohanian said his venture capital firm 776 Management LLC has raised more than $500 million through two new funds.

The firm was founded in 2020 and has invested in several crypto companies such as Bitcoin reward startup Lolli and crypto tax company CoinTracker.

"I’m proud to announce @sevensevensix has raised $500M for our two newest funds, bringing our total AUM to $750M. We’re just over 1 year old + I’m grateful some of the best institutional investors in the world have chosen us. (Tho yes, I was hoping we’d hit $776M AUM in Year 1).

The firm will also support companies in other sectors such as climate, food and space exploration," he tweeted.

Last year, 776 Management teamed up with blockchain venture arm Solana Labs for a $100 million investment initiative in decentralized social projects. She has also supported the camera-based social media app Dispo, the Clash video camera app, and Natalie Portman's Angel City Football Club.