Home News Alexis Ohanian, Solana Ventures launch $100M Web3 growth fund

Alexis Ohanian, Solana Ventures launch $100M Web3 growth fund

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Alexis Ohanian, the co-founder of Reddit, has partnered with Solana Ventures to form a new investment fund focused on Web3 and social initiatives, which might pave the way for the next wave of crypto firms.

At the Breakpoint conference in Lisbon, Portugal, Ohanian revealed that his investment firm, Seven Seven Six, and Solana Ventures have committed $100 million to Web3 and “decentralised social initiatives”. The internet entrepreneur praised his venture firm’s prowess in “spotting and investing in early social and crypto movements”. Such as Reddit, Patreon, and Coinbase, among others, in an accompanying news release.

“Web3 converts consumers and artists to become owners and stakeholders. A transformation that can’t come soon enough to social media”, said Raj Gokal, the COO of Solana Labs.

Centralised social media platforms are likely earning billions without compensating content providers

Facebook and other centralised social media platforms are likely earning hundreds of billions of dollars in annual income. Largely through advertising and without compensating content providers for their efforts. Attempts to “decentralise” social media have been ongoing since at least 2017. However, no blockchain-based social initiative has yet to gain widespread support. “Technologies and apps that minimise value extraction through centralised middlemen” will be prioritised by Seven Seven Six and Solana Ventures. According to the companies.

Solana Ventures has been quite active in the investing world recently, spearheading a $100 million fund focused on Web3 gaming, dubbed GameFi. Sanctor Capital and Huobi Group have also created similar funds. So far in 2021, almost $17 billion in venture financing has gone into crypto- and blockchain-focused firms.

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