Initialized Capital is a venture capital fund founded in 2011 and headquartered in

San Francisco San Francisco (; Spanish language, Spanish for "Francis of Assisi, Saint Francis"), officially the City and County of San Francisco, is the commercial, financial, and cultural center of Northern California. The city proper is the List of Ca ...

. It was founded by

Alexis Ohanian Alexis Kerry Ohanian ( hy, Ալեքսիս Քերի Օհանյան; born April 24, 1983) is an American internet entrepreneur and investor. He is best known as the co-founder and executive chairman of the social media site Reddit along with St ...

, Harjeet Taggar, and

Garry Tan Garry Tan (; born 1981) is the founder of Initialized Capital. He previously co-founded Posterous and Posthaven. He was also an early employee at Palantir Technologies, and a partner at Y Combinator. Early life and education Tan was born in 19 ...

. As of 2021, it has raised more than $3.2 billion in assets. Initialized Capital has 23 portfolio companies it invested in at

seed A seed is an embryonic plant enclosed in a protective outer covering, along with a food reserve. The formation of the seed is a part of the process of reproduction in seed plants, the spermatophytes, including the gymnosperm and angiosper ...

that have since become

unicorns The unicorn is a legendary creature that has been described since antiquity as a beast with a single large, pointed, spiraling horn projecting from its forehead. In European literature and art, the unicorn has for the last thousand years or ...

, including

Coinbase Coinbase Global, Inc., branded Coinbase, is an American publicly traded company that operates a cryptocurrency exchange platform. Coinbase is a distributed company; all employees operate via remote work and the company lacks a physical headquar ...

, Ro,

Cruise Automation Cruise LLC is an American self-driving car company headquartered in San Francisco, California. Founded in 2013 by Kyle Vogt and Dan Kan, Cruise tests and develops autonomous car technology. The company is a largely-autonomous subsidiary of Ge ...

Instacart Instacart is an American company that operates a grocery delivery and pick-up service in the United States and Canada. The company offers its services via a website and mobile app. The service allows customers to order groceries from participat ...

Flexport Flexport Inc. is an American multinational corporation that focuses on supply chain management and logistics, including order management, trade financing, insurance, freight forwarding and customs brokerage. The company is headquartered in San Fra ...

Opendoor Opendoor Technologies Inc. is an online company that buys and sells residential real estate. Headquartered in San Francisco, it makes instant cash offers on homes through an online process, makes repairs on the properties it purchases and relists ...

Algolia Algolia is a proprietary search engine offering, usable through the software as a service (SaaS) model. Company Algolia was founded in 2012 by Nicolas Dessaigne and Julien Lemoine, both originally from Paris, France. It was originally a compa ...

, Goat Group, Rippling, Truepill, and CoinTracker.

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. In 2013, Initialized Capital became an early investor in Coinbase, wiring the cryptocurrency app's founder Brian Armstrong $200,000. Garry Tan left

Y Combinator Y Combinator (YC) is an American technology startup accelerator launched in March 2005. It has been used to launch more than 3,000 companies, including Airbnb, Coinbase, Cruise, DoorDash, Dropbox, Instacart, Quora, PagerDuty, Reddit, Str ...

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. In late 2018, it raised a $225 million fund, the company's fourth. In June 2020,

Ohanian Ohanyan or Ohanian ( hy, Օհանյան, Western Armenian Օհանեան) is a common Armenian surname. Ohanian *Alexis Ohanian (born 1983), American internet entrepreneur, activist and investor and co-founder of the social news website Reddit an ...

ended his role as Managing Partner at Initialized. 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 leaving to re-join

as CEO. Jen Wolf and Brett Gibson have taken over leadership of the firm in Tan's absence.

Recognition

Garry Tan has been listed on the ''

Forbes ''Forbes'' () is an American business magazine owned by Integrated Whale Media Investments and the Forbes family. Published eight times a year, it features articles on finance, industry, investing, and marketing topics. ''Forbes'' also r ...

Midas List The ''Forbes'' Midas list is the annual ranking by ''Forbes'' magazine of the most influential and best-performing venture capital investors. Described by Kara Swisher as the "Oscars for venture capitalists in tech," the Midas List uses parameter ...

from 2018-2022.

References

{{Reflist Financial services companies established in 2011 Venture capital firms of the United States 2011 establishments in California

History

Recognition

See also

References