Reddit co-founder Alexis Ohanian’s venture capital firm Seven Seven Six is backing Web3 digital fashion startup Syky.
According to Vogue Business, virtual fashion startup Syky raised $9 million in a Series A investment round, quoting investors. The round was led by Seven Seven Six, the venture capital firm of Reddit co-founder Alexis Ohanian; Brevan Howard Digital, Leadout Capital, and First Light Capital Group also participated in the investor pool.
Syky’s first project is the Keystone NFT collection. The startup will launch 987 collections, providing access to digital and physical events, fashion news, and early access to Syky’s new products. A closed token sale has already begun, with the non-exchangeable tokens (NFTs) going live on January 20. Each token is priced at 0.2 ETH (~300 USD).
Syky was founded in November 2022 by Alice Delahunt, former digital director of Ralph Lauren. The blockchain startup aims to bridge the gap between the physical and virtual fashion worlds.
For Ohanian’s venture capital fund, this could be the first deal after the company raised $177 million in a new virtual currency investment. in September 2022, the media revealed that Seven Seven Six plans to invest the funds raised in tokens However, it is unclear what principles will be used for the purchase. The company itself claimed in its investor brochure that a “unique opportunity” for investment had developed in the market. It remains unclear whether the fund purchased NFT tokens from Syky in a closed sale and resold them in the secondary market at a higher price.
This is not Ohanian’s first investment in NFT, however; in March 2022, he participated in the sponsorship of a fund called Curated that was acquiring NFT. In the same month, he also supported the ApeCoin cryptocurrency project and joined its board of directors. Could not upload all results.