Initialized Capital

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Initialized Capital Management, LLC
Company type
Private
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Headquarters
San Francisco, California
,
United States
Key people
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  • Brett Gibson (Managing Partner)
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Websiteinitialized.com

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Initialized Capital is a venture capital fund founded in 2011 and headquartered in San Francisco. It was founded by Alexis Ohanian, Harj Taggar, and Garry Tan.[1]

As of 2021, it has raised more than $3.2 billion in assets.[2][3]

Initialized Capital has 27 portfolio companies it invested in at seed that have since become unicorns, including Coinbase, Ro, Cruise Automation, Instacart, Flexport, Opendoor, Algolia, Goat Group, Color Health, Flock Safety, Patreon, Reddit, Rippling, Athelas, and CoinTracker.[3][4][5][6][7][8][9]

History

Initialized raised $7 million in its first fund. In February 2012, it filed its Form D notice of exempt offering of securities.[citation needed] It raised $39 million in its second fund in August 2013.[10]

In 2013, Initialized Capital became an early investor in Coinbase, wiring the cryptocurrency app's founder Brian Armstrong $200,000.[11] Garry Tan left Y Combinator in 2015 to focus on Initialized full time.[11]

On June 7, 2016, the firm announced a $100M target for its third fund and then closed $125 million.[12]

In late 2018, it raised a $225 million fund, the company's fourth.[2][13]

In June 2020, Ohanian ended his role as Managing Partner at Initialized.[14]

In August 2020, the firm raised $230 million, the company's fifth round.[14]

In December 2021, Initialized Capital completed its sixth funding round, raising $700 million to invest in startups.[3]

In August 2022, it was announced that Garry Tan would be stepping back to re-join Y Combinator as CEO.[15] Jen Wolf and Brett Gibson took over leadership of the firm in Tan's absence.[16] In October 2024, Jen Wolf left the firm. Brett Gibson is the managing partner of Initialized Capital, overseeing investment strategy and operations.[17]

Recognition

Garry Tan has been listed on the Forbes Midas List from 2018 to 2022.[18][19][20][21]

References

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  1. ^ Page Module:Citation/CS1/styles.css has no content."SEC FORM D/A". Sec.gov. Retrieved March 6, 2016.
  2. ^ a b Page Module:Citation/CS1/styles.css has no content.Geron, Tomio (October 2, 2018). "Initialized Capital Raises $225 Million for Fourth Fund". WSJ. Retrieved August 15, 2019.
  3. ^ a b c Page Module:Citation/CS1/styles.css has no content.McBride, Sarah (December 14, 2021). "Initialized Capital Raises $700 Million, Launches 2 New Funds". Bloomberg. Retrieved July 17, 2022.
  4. ^ Page Module:Citation/CS1/styles.css has no content.O'Brien, Sara Ashley (October 2, 2018). "Alexis Ohanian's VC firm raises new $225M fund | CNN Business". CNN.
  5. ^ Page Module:Citation/CS1/styles.css has no content."VC Firm Initialized Raises $230 Million for Early-Stage Deals". Bloomberg.com. 14 August 2020.
  6. ^ Page Module:Citation/CS1/styles.css has no content.Gené Teare (February 23, 2022). "Under The Hood: How Early-Stage Investor Initialized Spots Future Unicorns". Crunchbase News. Retrieved July 17, 2022.
  7. ^ Page Module:Citation/CS1/styles.css has no content.Russell, Jon (April 10, 2018). "CoinTracker Raises $1.5M to make tracking crypto investments easy for anyone". TechCrunch. Retrieved July 17, 2022.
  8. ^ Page Module:Citation/CS1/styles.css has no content."List of companies in Initialized Capital's investment portfolio | 121 results". Golden. Retrieved 2025-01-03.
  9. ^ Page Module:Citation/CS1/styles.css has no content."Companies". IC. Retrieved September 6, 2025.
  10. ^ Page Module:Citation/CS1/styles.css has no content."Initialized Capital Closes Second Seed Fund at $39.2M". Pevc.dowjones.com. Retrieved March 13, 2016.
  11. ^ a b Page Module:Citation/CS1/styles.css has no content.Konrad, Alex (July 9, 2018). "At Initialized Capital, Odd Couple Alexis Ohanian And Garry Tan Look To Do VC Differently". Forbes. Retrieved August 15, 2019.
  12. ^ Page Module:Citation/CS1/styles.css has no content.Yeung, Ken (October 24, 2016). "Initialized Capital raises $115 million for its third fund". Venture Beat. Retrieved August 15, 2019.
  13. ^ Page Module:Citation/CS1/styles.css has no content.Geron, Tomio (2018-10-02). "Initialized Capital Raises $225 Million for Fourth Fund". Wall Street Journal. ISSN 0099-9660. Retrieved 2019-03-04.
  14. ^ a b Page Module:Citation/CS1/styles.css has no content.Tan, Gillian; Roof, Katie (2020-08-14). "VC Firm Initialized Raises $230 Million for Early-Stage Deals". Bloomberg. Retrieved 2023-08-22.
  15. ^ Page Module:Citation/CS1/styles.css has no content.Mathews, Jessica (2022-08-31). "Early-stage VC firm Initialized Capital loses last co-founder as Y Combinator gets a new CEO". Fortune. Retrieved 2022-12-29.
  16. ^ Page Module:Citation/CS1/styles.css has no content.Mathews, Jessica (2022-12-09). "Inside Initialized Capital's next moves as co-founder and star investor Garry Tan steps back". Fortune. Retrieved 2022-12-29.
  17. ^ Page Module:Citation/CS1/styles.css has no content.Allie Garfinkle (October 7, 2024). "Initialized Capital's recent layoffs are part of a much larger (and longer) cycle". Fortune. Retrieved September 6, 2025.
  18. ^ Page Module:Citation/CS1/styles.css has no content."Newcomers To The 2019 Midas List: Who Cracked The Ranks Of Best VCs In The World". Forbes. April 2, 2019. Retrieved August 14, 2019.
  19. ^ Page Module:Citation/CS1/styles.css has no content."The Midas List". Forbes. Retrieved July 17, 2022.
  20. ^ Page Module:Citation/CS1/styles.css has no content."The Midas List". Forbes. Retrieved July 17, 2022.
  21. ^ Page Module:Citation/CS1/styles.css has no content."The 2018 Midas Brink List: Meet Venture Capital's Up-And-Comers". Forbes. April 3, 2018. Retrieved July 17, 2022.
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