- Alexis Ohanian’s Seven Seven has an impressive history of major seed financing treatments.
- It is winning over the founders as the competition among investors heats up in the first stage.
- On Thursday, the company said it closed its debut fund at $ 150 million.
- See more stories on the Insider activity page.
Alexis Ohanian’s Seven Seven is on a bit of a hot strip.
The venture capital firm has led the majority of the seed business in which it has been a part – 11 of 14 – since the company’s founding less than a year ago, based on Pitchbook, press releases and news. “Leading” may mean that the company has exercised the greatest control over the financing round and, in some cases, set the terms of the agreement for other participating investors.
Seven Seven Six draws from a debut fund that closed at $ 150 million, he said in a press release on Thursday.
Its portfolio companies have collectively raised more than $ 121 million in 14 rounds, on behalf of Insider, and include some of the busiest startups of the year. Ohanian’s venture dress puts $ 10 million in PearPop, a startup that helps TikTok creators get paid to make video, which took a total of $ 16 million for its seeding and seed extension this spring. The company has also led tours for QuickNode and Gloria, both startups that are based in South Florida, where Ohanian lives part-time.
The portfolio also includes Dispo and Ro, although the company has only participated in its latest funding cycles.
The company did not respond to Insider’s request for comment on the number of offers being driven.
The record of Seven Seven of the top business is impressive given that it is just beginning fundraising last September.
It’s in competition to deal with holders, such as First Round, Initialized Capital, and Floodgate, but also large companies that typically invest in successive phases and that have moved to a seed investment territory looking for bigger returns.
The reason for the company’s success could be that the founders are eager to partner with Ohanian, who is perhaps best known as the founder and creator of Reddit, “the front page of the internet,” and to marry Serena Williams.
What also distinguishes Seven Seven is its unusual advantages. The company has a separate fund that the founders of portfolio companies can take to cover the costs of family care or services such as coaching, therapy, or skills training while building their companies.
Ohanian started Seven Seven after leaving Initialized, which he founded with Garry Tan. He wanted it build a society who had her values of fairness and compassion in her investment thesis, Katelin Holloway, a colleague of Seven Seven, he told Insider earlier. He was head of people on Reddit before becoming a venture capitalist.
The company is not an “impact fund,” Holloway said, but it is important to invest in startups that build inclusive products and are led by people who are often overlooked in the technology industry, specifically women and business people. color.
About the company 19 portfolio companies, six have at least one non-white or female founder, according to an Insider magazine.
In a press release, Ohanian said the company’s mission is to attract the best founders and spread the returns to a diverse group of investors. The limited partner group is 50% female and 15% black or indigenous.
The most recent business he has led is Poppy Seed Health, a startup that helps pregnant and postpartum women connect with doulas, nurses and midwives through a text messaging app. Founder Simmone Taitt said she knew before she started fundraising that it was “notoriously difficult” to raise money as a woman of color. It is aimed at investors accordingly.
“Going with this knowledge was a tool for me during my fundraising process so as not to waste time convincing people that I was not invested in the problem we were solving, or that I was the only one as the founder for solve it, ”he said.
His advice to the founders of the early stages is to go directly to the “people who simply take it and take you,” he said.
Needless to say, Seven Seven “understood.”
Here are all of Seven Seven’s investments so far:
The rounds of the seed phase led by Seven Seven are in bold. Offers are listed according to when they are announced.
- Disposal: $ 4 million in seed funding
- Realtime App: $ 4 million in initial funding
- Wagr: $ 4 million in seed funding
- Encounter: unknown
- Commsor: $ 16 million in Serie A funding
- Disposal: $ 20 million in Series A funding
- Stroke Space Technologies: $ 9.1 million in initial funding
- Alt: $ 31 million in Series A funding
- Gloria: $ 3 million in seed funding
- Pipe: $ 50 million in seed extension funding
- Ro: $ 500 million in Series D funding.
- Lolli: $ 5 million in initial funding
- Itsme: $ 15.175 million in seed extension funding
- Riverside: $ 9.5 million in Serie A funding
- Pearpop: $ 10 million in seed extension funding
- QuickNode: $ 5.3 million in initial funding
- Metafy: $ 5.5 million in seed extension funding
- Topia: $ 5 million in seed funding
- Simulation: $ 50 million in Series B funding.
- Poppy Seed Health: $ 1.6 million in pre-seed funding