Seven Seven Six, a venture capital firm co-founded by Alexis Ohanian, has acquired Onit, a company that produces trading cards for college athletes. This move follows Ohanian’s previous investments in collegiate sports, including ventures like LOVB and Angel City FC. Evan Parker, CEO of Mantel—a platform that focuses on collectibles and fan engagement through social media—will take over as Onit’s new leader. He will continue his role at Mantel, which was launched in 2024.
Onit works with OneTeam Partners, athletic departments, and third-party groups to license trading cards featuring college athletes. During the 2024-25 academic year, the company distributed royalties to over 8,000 athletes, collaborating with universities such as Ohio State, Michigan, and UCLA. The company also includes sports like volleyball, softball, and hockey in its offerings. Ohanian highlighted the rarity of showcasing so many women athletes on cards.
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“There’s an interesting moment happening in trading cards right now,” Ohanian said. He described the market as “growing,” noting an increase in both the number of users and the value of the cards. While financial details of the acquisition were not disclosed, Ohanian called it a “non-trivial” investment. For now, Onit’s branding will remain unchanged, though future changes are possible.
The current leadership of Seven Seven Six, including co-founders Chad McCloud and Sheridan Hodson, will step down after the transaction. Onit’s 32 employees will remain, and Parker will continue his work at Mantel. Ohanian plans to apply strategies from his experience at Reddit and Angel City FC to expand Onit’s appeal to new collectors.
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Ohanian manages Seven Seven Six remotely using a custom AI operating system, which allows him to accompany his family during Serena Williams’ tennis tour. His daughters have been following Williams’ return to competition, including her appearances at Wimbledon. The firm’s remote-first approach supports Ohanian’s focus on scalable, technology-driven operations.
Onit’s model emphasizes inclusivity, highlighting athletes from non-major programs and diverse genders. Ohanian noted this aligns with his investment strategy. The company plans to use digital storytelling techniques to attract new audiences, though specific timelines for these efforts are not yet available.
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The acquisition reflects increasing interest in collegiate sports beyond traditional media. Although Onit is not yet a “billion-dollar business,” Ohanian remains optimistic about its future. The firm’s portfolio now includes ventures in women’s sports, gaming, and digital collectibles, with Onit adding a new dimension to its focus on fan-driven platforms.
Ohanian made these comments while traveling in Europe, where Williams’ return to tennis has generated attention. The couple’s daughters have attended matches, which Ohanian described as “amazing.” The family continues to support Williams’ career decisions, though the extent of her summer schedule will depend on her performance on the court.