Ohanian, who also co-founded Reddit and Initialized Capital, told The Wall Street Journal that 776 plans to invest “primarily in crypto startups” out of its new fund and that 40% of its current portfolio is made up of crypto-related companies. Pipe was valued at $2 billion at the time of its last raise and Axie Infinity at $3 billion last October. Interestingly, the firm “almost always” leads the rounds it participates in, according to Ohanian.Ĭompanies within the 776 portfolio include Alt, an alternative asset trading platform Pipe, a global trading platform that makes recurring revenue streams tradable for their annual value Axie Infinity, a web3 play-to-earn online gaming universe that witnessed over 200x growth in the last year and Metafy, a video game education platform providing one-on-one access to champion-level gaming coaches. Today, the 776 portfolio includes over 38 companies that have cumulatively raised more than $800 million in follow-on capital. “ We saw significant markups from our early investments in Fund I and ended up needing to raise this second fund sooner than expected,” Ohanian told TechCrunch in an email interview. It now has $750 million worth of assets under management. Notably, 776 only closed on its first $150 million - also oversubscribed - fund just a year ago. The raise was “oversubscribed,” with $300 million going toward funding startups at their “earliest possible” stage and $200 million allocated for backing companies at their growth stages - or once they start to break out, according to 776 founder Alexis Ohanian. These outstanding organizations not only help make the DC metro area a great place to do business, but also an incredible place to live, thrive and play.Seven Seven Six, better known as 776, announced today that it has closed on $500 million across two vehicles for its second fund. Organizations are recognized for having demonstrated boldness and innovation as an integral part of their growth strategy. Ībout The Moxie Award: The Moxie Award program is an annual process where nominated companies are evaluated over three months through written submissions and rigorous interviews by industry experts. To learn more about Cerebro, please visit. Working with finance and technology experts, Cerebro has created a holistic corporate loan sourcing and placement solution designed to revolutionize the way borrowers, lenders, intermediaries, and stakeholders manage commercial debt. As its customer base continues to expand, Cerebro is using its insights to help lenders customize and develop their loan programs to meet unmet demand. Cerebro has grown rapidly since its inception and today works with thousands of borrowers to connect them to lenders from over 1,500 lending institutions to provide credit and loans up to $100 million. "As we continue to accelerate our growth plans, the drive and mission we had when we were founded will continue to guide our business decisions to ultimately benefit our customers and our community."Ĭerebro was nominated for this recognition by Richard Mahan, Partner at advisory, assurance, and tax firm CohnReznick who regularly collaborates with John Robinson, Managing Director at Cerebro.Ībout Cerebro Capital: Cerebro Capital was started in 2017 to help democratize access to debt capital for middle-market companies. To achieve it, we knew we would have to be bold, smart, strategic, and unafraid of challenges," said Cerebro Capital Founder and CEO Matthew Bjonerud. We were founded with a big goal - to make it easier for hard-working businesses to get the capital they need to thrive. "We were honored to be nominated and are thrilled to have won the Moxie Award. Building on this momentum, Cerebro has been able to help others succeed in their community. To date, borrowers have sourced over $4.1 billion of proposed loan commitments on the platform. Today, Cerebro works with thousands of borrowers to connect them to lenders from over 1,500 lending institutions for credit facilities and loans. Through its innovative use of data and technology, Cerebro is helping make access to business capital easier, faster, and more equitable. Since 2017, Cerebro has helped middle-market companies navigate the opaque commercial loan market. Cerebro Capital (PRNewsfoto/Cerebro Capital)Ĭerebro Capital, a commercial loan marketplace, wins Moxie Award for its innovative growth strategy.
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