Initialized Capital is a venture capital fund founded in 2011 and headquartered in San Francisco. It was founded by Alexis Ohanian, Harjeet Taggar, and Garry Tan.[1]
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.[8]
In 2013, Initialized Capital became an early investor in Coinbase, wiring the cryptocurrency app's founder Brian Armstrong $200,000.[9] Garry Tan left Y Combinator in 2015 to focus on Initialized full time.[9]
On June 7, 2016, the firm announced a $100M target for its third fund and then closed $125 million.[10]
In late 2018, it raised a $225 million fund, the company's fourth.[2][11]
In June 2020, Ohanian ended his role as Managing Partner at Initialized.[12]
In August 2020, the firm raised $230 million, the company's fifth round.[12]
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.[13] Jen Wolf and Brett Gibson have taken over leadership of the firm in Tan's absence.[14]