776 Foundation Invests in The Sports Bra
The Sports Bra
Deborah Pleva
pr@thesportsbraofficial.com
776 Foundation
Jenna Birch
jenna.birch@sevensevensix.com
Alexis Ohanian and Jenny Nguyen in The Sports Bra, Portland, Ore.
Alexis Ohanian’s 776 Foundation is lending financial support for the expansion of The Bra
PORTLAND, Ore. (April 22, 2024) — Today, The Sports Bra and the 776 Foundation announced they have partnered to expand The Sports Bra’s mission to support, empower, and promote girls and women in sports and the community. Opened in Portland, Ore., in April 2022, this first-of-its-kind sports bar only televises women’s sports. In its first two years in business, it has attracted fans and fanfare from around the globe. The Sports Bra’s success has demonstrated that the thirst for a place that elevates female athletes and celebrates women-owned everything extends far beyond Portland.
While the investment will allow The Sports Bra to expand its footprint, 100% of the returns from the 776 Foundation’s investment will be earmarked for future donations to advance future generations of women athletes. The level of the investment and terms of the partnership are undisclosed.
Alexis Ohanian, founder of the 776 Foundation and co-founder of Reddit, recognized the potential of this game-changing business and initiated the discussions for the partnership and expansion.
“At Seven Seven Six, we’re enthusiastic about the incredible advancement in women’s sports,” said Ohanian, who is also founder and general partner at Seven Seven Six. “Our foundation is proud to back The Sports Bra, which is a welcoming place for everyone to celebrate these athletes’ feats. 100% of the returns from this investment will be donated to advance future generations of women athletes.”
Jenny Nguyen, founder and CEO of The Sports Bra, said, “When I first opened The Sports Bra two years ago this month, I had no idea the impact it would have on so many so quickly. Now I can see we’re just getting started. With the support of Alexis and 776, we plan to bring The Bra to cities across the country and beyond, and continue to invest in our mission.”
The announcement comes at a defining moment for women’s sports. Viewership of the 2024 NCAA women’s basketball tournament reached 18.7 million, eclipsing the men’s tournament and outpacing the 2023 World Series and NBA Finals. The U.S. Women’s National Soccer Team broke viewership records for the FIFA Women’s World Cup in the summer of 2023. Also in 2023, the National Women’s Soccer League games on CBS reported a year-over-year increase in viewers of 41%, and the streaming audience on Paramount+ grew by 83%.
Nguyen added, “This is an exhilarating time for women’s sports, and The Sports Bra has proven the strong need for more places to celebrate them. I envision a future full of Sports Bras everywhere doing what we do best: supporting women.”
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About The Sports Bra
Opened in April 2022, The Sports Bra is the first-of-its-kind sports bar to only play women’s sports. Located in Portland, Oregon, the restaurant makes great food and delicious drinks, and provides a space that supports, empowers, and promotes girls and women in sports and in the community. thesportsbrapdx.com
About The 776 Foundation
The 776 Foundation was started by Seven Seven Six (“776”) founder and investor Alexis Ohanian in March 2022 with a mission to fund problem-solvers combatting inequity worldwide. The foundation’s first project is the 776 Fellowship Program, a two-year program for young people taking big swings to fight climate change. Fellows receive a $100,000 grant and support from the 776 network of founders, investors, and partners to work on their climate-focused project or idea. The 776 Foundation and Fellowship Program is led by director Lissie Garvin. For more information, please visit 776.org.
About Alexis Ohanian
Alexis Ohanian is a tech founder and venture capitalist. He has written a national bestselling book, Without Their Permission, and co-founded Reddit, one of the largest websites in the United States. In 2020, Alexis founded Seven Seven Six, a new kind of venturefirm—built like a technology company that deploys capital—with over $900mm of AUM (as of 12/31/2023). In 2022, he launched the 776 Foundation to support marginalized individuals and announced a $20 million commitment to climate action through his new 776 Fellowship Program. Ohanian is also an advocate for paid family leave and the principal owner of Angel City Football Club and Los Angeles Golf Club.
