Initialized Capital raises its fifth fund, adds GP

Initialized Capital raised $230m for its fifth fund and added Brett Gibson as a GP. The new fund does not include co-founder Alexis Ohanian.

Initialized Capital, an investor in unicorns Ro and Rippling, has raised $230 million for its fifth core seed fund, bringing the firm’s total assets under management to $770 million. In announcing the fund, co-founder and managing partner Garry Tan did not mention firm co-founder Alexis Ohanian.

Ohanian was not listed in the firm’s regulatory filing for Fund V. The Reddit co-founder announced last month that he was leaving Initialized to start his own early-stage fund, reportedly a pre-seed investment vehicle targeting at least $100 million.

Tan announced in an online post that Brett Gibson is returning as a general partner for Fund V. He joined Initialized in 2017 as an operating partner. Earlier this year, Initialized announced that Katelin Holloway joined from Reddit to serve as operating partner.

Source: Medium blog post