Polygon ($MATIC) Partners With Reddit Co-Founder to Invest in Web3 Projects

Recently, Polygon announced an interesting partnership with Seven Seven Six (more formally known as “776 Fund Management”) — a venture capital firm founded by Reddit co-founder Alexis Ohanian.

Polygon’s blog post announced that this partnership has “created a $200 million initiative that will back projects at the intersection of social media and Web3, exploring better ways for humans to connect online.”

Polygon said that it was “thrilled to have Alexis as a partner in this undertaking, who brings an unbeatable combination of deep industry experience, stellar investment track record and values that closely align with those of our community” and that Seven Seven Six “already boasts a diverse portfolio that ranges from DroneSeed, a company taking on reforestation with drones and Sky Mavis, makers of Axie Infinity, the pioneering Play-to-Earn Web3 gaming franchise, to Better Brand, which is transforming the most carb-heavy foods into the least, and Stoke Space, a reusable rocket company.”

Ohanian had this to say about Web3 and this partnership:

We are still in the early days of Web3 and the most obvious opportunities right now are in gaming and social. 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.

Polygon co-founder Sandeep Naiwal stated:

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. This is not just a different way to share lolcats online, though we love those. We are inventing new high-fidelity means of transmitting culture itself.

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