Seeing “tremendous upside” in the sport, the billionaire is funding a women-only event this fall that will offer a total purse of at least $500,000.

Alexis Ohanian announced Tuesday that his venture capital firm was investing in women's track with the 776 Invitational, with the largest purse ever for a women's-only track event.

- Race is on. Investor and Angel City owner Alexis Ohanian's latest bet is on another sport: women's track. The Reddit cofounder, who invests in early-stage startups through his firm Seven Seven Six, is backing female runners with a commitment to build a new kind of U.S.-based competition.

This comes amid increased interest in women’s sports, particularly with record numbers for women’s college basketball.

The Sports Bra made history as the first women's sports bar that only televises women's sports. Now, it has announced plans to franchise and expand.

The Sports Bra has been a draw on Northeast Broadway and it has become an integral part of Portland’s women’s sports industry. The spot has hosted WNBA Commissioner Cathy Engelbert as the city vies for a pro women's basketball team, and it is a place to watch games that are becoming increasingly popular with consumers.

Reddit co-founder Alexis Ohanian (right) — the husband of tennis legend Serena Williams — pictured with Jenny Nguyen (left), owner of The Sports Bra in Portland. Ohanian and his foundation are investing in the women's sports bar to franchise and expand it to other cities. (Photo: FLI Social) FLI Social

The Sports Bra, the first sports bar to show only women's sports, announced that it would expand and franchise after an investment from Alexis Ohanian, Reddit co-founder.

Alexis Ohanian, the venture capitalist and Reddit founder, announced that his 776 Foundation is investing in The Sports Bra and will help the sports bar and restaurant expand into other cities. The Sports Bra's flagship location is in Portland,