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Initialized Capital

Initialized Capital

A venture capital firm based in San Francisco, California that was founded by Garry Tan, Alexis Ohanian and Harjeet Taggar in 2012. 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 2012 by Garry Tan, Alexis Ohanian, and Harjeet Taggar. 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 funded hundreds of companies in aggregate now worth more than $40 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

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 I

$7 million

February 7, 2012

Initialized 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

Initialized V

$230 million

August 14, 2020

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 2012 by Garry Tan, Alexis Ohanian, and Harjeet Taggar.

Funding Rounds Participated In

Associated investment funds

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

Atrium

Better

BisonTrails

Blend

Campaign

CoinTracker

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News

Title
Author
Date
Publisher
Description
Melia Russell
May 20, 2021
Business Insider
Before Garry Tan had the Midas touch, he was Jen Wolf's intern. Now the two work together at Initialized Capital, an early-stage venture firm.
Connie Loizos
April 21, 2021
TechCrunch
A week after the cryptocurrency exchange Coinbase staged a direct listing, much of the focus remains on the wealth that the listing generated for executives at the company, its board members, and its private investors. Citing data from Capital Market Laboratories, Cointelegraph on Monday noted, for example, that 12,965,079 shares worth close to $5 billion [...]
Reza Chowdhury
April 12, 2021
AlleyWatch
The Pulse of New York Tech
Reza Chowdhury
April 5, 2021
AlleyWatch
The Pulse of New York Tech
Reza Chowdhury
March 3, 2021
AlleyWatch
The Pulse of New York Tech
Christine Hall
February 2, 2021
Crunchbase News
Software engineers can develop against its API to embed cross-border payments for customers in as quickly as two days.
Anthony Ha
November 18, 2020
TechCrunch
Jinx is launching a simple way to buy dog food and manage orders via text message. The startup says it has developed "the first text-to-buy platform in the legacy pet food space," in partnership with its investor Initialized Capital and the firm's co-founder Alexis Ohanian (who departed earlier this year and is raising a new fund). [...]
Jonathan Shieber
November 17, 2020
TechCrunch
A-Frame, a Los Angeles-based developer of personal care brands supported by celebrities, has raised $2 million in a new round of funding led by Initialized Capital. Joining Initialized in the round is the serial entrepreneur Moise Emquies, whose previous clothing lines, Ella Moss and Splendid, were acquired by the fashion holding company VFC in 2017. [...]
AlleyWatch
September 27, 2020
AlleyWatch
The Pulse of New York Tech
Connie Loizos
August 14, 2020
TechCrunch
Initialized Capital, the early-stage venture firm that got its start inside of Y Combinator almost a decade ago and spun out of the organization roughly five years later, has closed its newest fund with $230 million in capital commitments, cofounder Garry Tan announced on Medium earlier today. The fund, its fifth, brings the assets that [...]
Anthony Ha
June 29, 2020
TechCrunch
Facebook takes (small) steps to improve its content policies as advertisers join a broad boycott, founder Alexis Ohanian is leaving Initialized Capital and Waze gets a new look. Here's your Daily Crunch for June 29, 2020. 1. As advertisers revolt, Facebook commits to flagging 'newsworthy' political speech that violates policy In a live-streamed segment of [...]
Isabelle Kirkwood
April 15, 2020
BetaKit
Toronto-based Atomic Loans, which is creating a platform that facilitates peer-to-peer bitcoin lending, has raised $3.4 million CAD in seed funding.
Manas Mishra
December 7, 2019
U.S.
Nearly half of lymphoma patients treated with Gilead Sciences Inc's Yescarta were alive at least three years after a one-time infusion of the CAR-T cell therapy, according to data presented on Saturday.

References

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