Venture capital company Seven Seven Six invested in Web3 digital fashion startup


Alexis Ohanian, co-founder of Reddit, invested in Web3 digital fashion startup Syky through his venture capital company Seven Seven Six.

The online fashion company raised $9 million in a Series A investment round led by Ohanian's venture capital fund, with Brevan Howard Digital, Leadout Capital and First Light Capital Group joining the syndicate of investors. 

The funds will be used to develop Syky's management staff and its designers of virtual wearables. The first project they are implementing is the NFT Keystone Collection, which will include 987 collections with access to digital and physical events and early access to Syky products. Non-exchangeable tokens (NFT) will be released on the exchange on January 20 at a price of 0.2 ETH (~$300) per piece.

In November 2022, Alice Delahunt, who was director of digital technology at American clothing brand Ralph Lauren, founded the startup Syky. The blockchain startup aims to bridge the gap between physical fashion and its virtual counterpart. 

For Ohanian and his venture capital fund, this could be the first deal since raising $177 million in crypto investments in September 2022; according to investor documents, they intend to make purchases using a "unique opportunity" in the market - though it's not certain that they bought NFT tokens at a closed Syky sale with the intention of later reselling them at a higher price. His interests in this field are not new: he was an investor in the Curated fund that bought up NFT back in March 2022. During the same period of time, he also offered to help the cryptocurrency project ApeCoin and even took a seat on the board of directors.

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