Initialized Capital Explained

Initialized Capital
Industry:Venture Capital
Founded:2011
Hq Location City:San Francisco, California
Hq Location Country:United States

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]

As of 2021, it has raised more than $3.2 billion in assets.[2] [3] Initialized Capital has 23 portfolio companies it invested in at seed that have since become unicorns, including Coinbase, Ro, Cruise Automation, Instacart, Flexport, Opendoor, Algolia, Goat Group, Rippling, Truepill, and CoinTracker.[4] [5] [6] [7]

History

Initialized raised $7 million in its first fund. In February 2012, it filed its Form D notice of exempt offering of securities. 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.

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.[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.

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

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]

Recognition

Garry Tan has been listed on the Forbes Midas List from 2018-2022.[15] [16] [17] [18]

Notes and References

  1. Web site: SEC FORM D/A . March 6, 2016 . Sec.gov.
  2. Web site: Initialized Capital Raises $225 Million for Fourth Fund . Geron . Tomio . October 2, 2018 . WSJ . August 15, 2019.
  3. Web site: McBride . Sarah . December 14, 2021 . Initialized Capital Raises $700 Million, Launches 2 New Funds . July 17, 2022 . Bloomberg.
  4. Web site: Alexis Ohanian's VC firm raises new $225M fund | CNN Business. Sara Ashley. O'Brien. October 2, 2018. CNN.
  5. News: VC Firm Initialized Raises $230 Million for Early-Stage Deals . Bloomberg.com . 14 August 2020 .
  6. Web site: Under The Hood: How Early-Stage Investor Initialized Spots Future Unicorns. Crunchbase News. February 23, 2022. Gené Teare. July 17, 2022.
  7. Web site: Russell . Jon . April 10, 2018 . CoinTracker Raises $1.5M to make tracking crypto investments easy for anyone . July 17, 2022 . TechCrunch.
  8. Web site: Initialized Capital Closes Second Seed Fund at $39.2M . March 13, 2016 . Pevc.dowjones.com.
  9. Web site: At Initialized Capital, Odd Couple Alexis Ohanian And Garry Tan Look To Do VC Differently . Konrad . Alex . July 9, 2018 . Forbes . August 15, 2019.
  10. Web site: Initialized Capital raises $115 million for its third fund . Yeung . Ken . October 24, 2016 . Venture Beat . August 15, 2019.
  11. News: Initialized Capital Raises $225 Million for Fourth Fund. Geron. Tomio. 2018-10-02. Wall Street Journal. 2019-03-04. en-US. 0099-9660.
  12. News: Tan . Gillian . Roof . Katie . 2020-08-14 . VC Firm Initialized Raises $230 Million for Early-Stage Deals . en . Bloomberg . 2023-08-22.
  13. Web site: Mathews . Jessica . 2022-08-31 . Early-stage VC firm Initialized Capital loses last co-founder as Y Combinator gets a new CEO . 2022-12-29 . Fortune . en.
  14. Web site: Mathews . Jessica . 2022-12-09 . Inside Initialized Capital's next moves as co-founder and star investor Garry Tan steps back . 2022-12-29 . Fortune . en.
  15. Web site: Newcomers To The 2019 Midas List: Who Cracked The Ranks Of Best VCs In The World . April 2, 2019 . Forbes . August 14, 2019.
  16. Web site: The Midas List. Forbes. July 17, 2022.
  17. Web site: The Midas List. Forbes. July 17, 2022.
  18. Web site: The 2018 Midas Brink List: Meet Venture Capital's Up-And-Comers. Forbes. April 3, 2018. July 17, 2022.