Polygon and Reddit co-founder's VC launch $200 million Web3 initiative

Ethereum scaling project Polygon and Seven Seven Six, Reddit co-founder Alexis Ohanian's venture capital firm, have jointly launched a $200 million initiative to invest in Web3 social media and gaming projects.

The funding initiative is denominated in dollars and not in Polygon's MATIC tokens, Polygon co-founder Sandeep Nailwal told The Block. It will invest in startups building on Polygon's technology and back their equity as well as token rounds, said Nailwal.

Polygon and Seven Seven Six look to "contribute to a fair internet where users control their data and privacy," said Nailwal. Each party's contribution isn't known. Nailwal declined to comment on that detail.

This is Seven Seven Six's second such initiative focused Web3 social media projects. Last month, the firm launched a $100 million effort for projects building on Solana.

Editor's note: Headline and body of text updated for clarity.

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Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.

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