Initialized Capital

Initialized Capital is a prominent early-stage venture capital firm based in San Francisco, California, co-founded by Garry Tan and Alexis Ohanian, best known for co-founding Reddit. Established with a core mission to provide the crucial first institutional checks to promising software engineers and designers, the firm has solidified its reputation as a significant player in the seed-stage investment landscape. Their approach emphasizes deep engagement with founders from the earliest stages, offering not just capital but also strategic guidance and operational support to help nascent companies scale.

The firm's investment thesis centers on identifying disruptive technologies and innovative business models, primarily within the software sector. Initialized Capital typically invests across a broad spectrum of industries including SaaS, fintech, developer tools, consumer applications, and artificial intelligence. They are known for their founder-friendly terms and a hands-on approach, leveraging their extensive network and operational experience to assist portfolio companies with product development, hiring, and market strategy. Their typical first check size ranges from approximately $500,000 to $5,000,000, targeting companies poised for significant growth.

Over its history, Initialized Capital has successfully raised multiple funds, demonstrating consistent growth in its capital base. Their latest funds, raised in 2021 and 2023, each totaled $700 million, comprising a main seed fund and an opportunities fund for follow-on investments. This strategic capital deployment has allowed them to back hundreds of companies, accumulating over $3 billion in assets under management. The firm boasts an impressive portfolio of companies that have achieved significant valuations or successful exits, including industry leaders such as Coinbase, Instacart, Cruise, Patreon, and Figma, underscoring their ability to identify and nurture high-potential ventures from their inception.

Initialized Capital continues to be a highly sought-after partner for early-stage startups, particularly those led by technical founders. Their commitment to providing foundational support, combined with a track record of backing transformative companies, positions them as a key enabler of innovation in the technology ecosystem. The firm's enduring presence and expanding capital base reflect its continued influence and success in shaping the next generation of tech giants.