Golden
Initialized Capital

Initialized Capital

 A venture capital firm based in San Francisco, California that was founded by Garry Tan and Alexis Ohanian in 2011.The firm focuses primarily on making investments in the software industry.

Initialized Capital is a venture capital firm headquartered in San Francisco, California that was founded in 2011 by Garry Tan and Alexis Ohanian. The firm specializes in investing in high-potential software start-ups. The firm believes every industry will be remade by software engineers with the purpose of making goods and services better, cheaper, and faster. It invests at the seed stage, has $36 billion in market value, and has raised more than $446 million in funding (as of July 23, 2019). 

Product thesis

The firm invests in companies that have products which are significantly better than products on the current market and can prove with specific data points that they have already created successful products. Initialized capital also seeks start-ups with clear plans for the first 18-24 months after receiving their investments. Upon accepting a company into its portfolio, Initialized Capital states that it aids start-ups in areas such as technical hiring, user acquisition, media, press launches, and product design. 

The Process

Initialized Capital utilizes customer relationship management software that was built by co-founder Garry Tan to gain insights into the potential of a start-up. Those companies that could be backed by the firm are then logged and voted on by Initialized Capital's nine investors. The vote is done digitally and blindly in an attempt to avoid bias. 

Progress

The firm is significantly progressive with inclusion and diversity within the company, with female investors accounting for 40% of the team (the industry average is 10%). Furthermore, one of the co-founders is vocal about companies in the United States being mandated to offer Paid Family Leave and encourages companies in Initialized Capital's portfolio to offer that benefit. 

Investments

According to Crunchbase data (in July 2019), Initialized Capital has made a total of 116 investments, 35 lead investments, and had 6 exits (Cruise, PlanGrid, eero, Kimono Labs, Framed Data, and Mast data. 

Investment funds

The following table contains information related to investment funds raised by Initialized Capital: 

Investment funds

Name
Money raised

Initialized Capital Fund I 

$7 million

February 7, 2012

Initialized Capital Fund IV 

$225 million

October 2, 2018

Initialized II 

$39.2 million

August 1, 2013

Initialized III

$125 million

July 7, 2017

Initialized Superclass Iss 

$50 million

June 24, 2019



Timeline

June 24, 2019

Initialized Capital announces their Initialized Superclass Iss fund with $50 million in funding. 

October 2, 2018

Initialized Capital announces their Initialized Capital Fund IV with $225 million in funding.

December 1, 2016

Initialized Capital announces their Initialized III fund with $125 million in funding.

August 1, 2013

Initialized Capital announces their Initialized II fund with $39.2 million in funding. 

February 7, 2012

Initialized Capital completes their Initialized Capital Fund I with $7 million in funding. 

2011

Founding of Initialized Capital

Initialized Capital was founded in 2011 by Garry Tan and Alexis Ohanian

Funded Companies

38 Results
Company
Company
Description
Description
Website
Website
Industry
Industry
Location
Location

The Long-Term Stock Exchange is a financial services company and Securities Exchange.

A software company providing cloud-based employee management solutions. It combines human resources, information technology, and operations. It was founded in 2016 and has locations in San Francisco, California and Bangalore, India.

Instacart is an internet-based grocery delivery service company.

A technology company building products for enabling the autonomous operation of self-driving vehicles.

Lob is a company developing and building APIs for automating mail and customer communications with print media. It participated in the S13 cohort of Y Combinator.

Also known as Papa Technologies, Papa provides a platform connecting college students to senior citizens in need of transportation, house help, technology lessons, companionship and other services.

Rescale is a company developing and providing software platform and hardware infrastructure for companies to perform scientific and engineering simulation.

A software company that specializes in making products for the robotics industry. It was founded in 2018 and is located in San Francisco, California. 

Survata is a marketing research company selling brand intelligence.

A company providing a full-service kitchen stocked with snacks and beverages for employees

A company developing blood testing device that utilizes deep learning and computer vision.

Trusted Insight is a New York City-based financial services company founded by Alex Bangash.

A startup company automating split-testing for SEO

True Link Financial is a company providing financial services including payments, investment and insurance products for retired clients.

Triplebyte is a company developing a recruiting and technical screening platform for technology companies.

A company designing and developing constituent system-of-record and service request management software for local government

Open Listings is a company providing a self-service platform for home buying.

Paperspace is an artificial intelligence company developing applications built on GPUs.

Buttercoin is a company offering an open source digital trading engine for arranging trades in an order book. It participated in the S13 cohort of Y Combinator and is currently not operational.

Associated investment funds

8 Results
Investment Fund
Investment Fund
Total offering (USD)
Total offering (USD)
Total sold (USD)
Total sold (USD)
Location
Location
Date signed
Date signed
125,000,000
125,000,000
June 6, 2016
225,000,000
225,000,000
October 2, 2018
2,900,000
2,900,000
June 8, 2017
7,500,000
7,300,000
October 2, 2018
100,000,000
September 13, 2017
25,000,000
May 24, 2013

People

Name
Role
LinkedIn

Alda Leu Dennis

General Partner



Alexis Ohanian

Managing Partner



Andrew Lee

Partner



Brett Gibson

Partner



Chi An

Controller



Danni Metz Shuval

Executive Assistant



Eric Woersching

General Partner



Garry Tan

Managing Partner



Harjeet Taggar

Former Partner



Jen Wolf

COO and Design partner



Jessica Aguilar

Office Manager



Kim-Mai Cutler

Partner



Lissie Garvin

Chief of Staff



Marinda Luk

CFO



Phillip Aubrey

Analyst



Victoria Whitely

Head of EA



Vincent Chu

Partner



Further reading

Title
Author
Link
Type
Date

At Initialized Capital, Odd Couple Alexis Ohanian And Garry Tan Look To Do VC Differently

Alex Konrad

Web

July 9, 2018

Initialized Capital Closes $115M Third Fund

FinSMEs

Web

October 24, 2016

Initialized Capital raises $115 million for its third fund

Ken Yeung

Web

October 25, 2016

Introducing Initialized Capital | Hacker News



Web



Ohanian's Initialized raises $225M 4th fund to turn founders into cyborgs

Josh Constine

Web

October 2, 2018

Reddit Co-Founder Alexis Ohanian Steps Aside, Focuses on Initialized Capital

Steven Rosenbush and Steven Norton

Web

February 7, 2018

Reddit founder Alexis Ohanian has $225 million in fresh funding to back health and elder tech startups

Sara Salinas

Web

October 2, 2018

Venture Capital, Initialized Capital to Raise $100M Third Fund

FinSMEs

Web

June 10, 2016

YC Partners Taggar, Tan And Reddit Co-Founder Ohanian Raise $39M For Initialized Capital

Kim-Mai Cutler

Web

August 1, 2013

Documentaries, videos and podcasts

Title
Date
Link

Alexis Ohanian on the open internet, "hustle porn", and paternity leave for all

November 14, 2018

CoinBundle Conversations with Brett Gibson from Initialized Capital

September 28, 2018

Design for Startups -- Garry Tan (Co-founder + Managing Partner, Initialized Capital)

March 5, 2019

E08 - Ending The Crypto Winter with Garry Tan and Brett Gibson of Initialized Capital

November 1, 2018

E744: Kim-Mai Cutler of Initialized Capital & TechCrunch on affordable housing crisis in SF Bay Area

July 7, 2017

E866 Future of Early-Stage: Garry Tan, Initialized; Hunter Walk, Homebrew; Andrea Zurek, XG Ventures

October 19, 2018

Early-Stage VCs Are Set To Deliver Outstanding Returns - Garry Tan, Initialized Capital

October 5, 2016

FOUNDING, FUNDING AND FATHERHOOD WITH ALEXIS OHANIAN

July 26, 2018

FundersClub Live Q&A with Garry Tan of Initialized Capital

January 24, 2017

Reddit and Initialized Capital Co-Founder Alexis Ohanian (Extended Cut)

May 2, 2018

Smart Offices: Initialized Capital

September 21, 2017

TIA Tokyo 2018: Founder's Fireside with Alexis Ohanian of Intialized Capital

November 4, 2018

What I wish a VC had told me

November 16, 2018

Companies

Company
CEO
Location
Products/Services

Red Planet Labs







7 Cups of Tea







AdQuick







Algolia







Ambition







Arcus







Athelas







Atrium







Bellhops







Berbix







Better







BisonTrails







Blend







Bodyport







Boosted







Campaign













Chartable













Cleanly







Clever



















Coinbase







CoinTracker







References