Initialized Capital

In 2011, Garry Tan, Reddit co-founder Alexis Ohanian, and Auctomatic co-founder Harj Taggar founded Initialized Capital, initially as a side project to the three’s work at Y Combinator, with a first flagship fund of $7 million. In February 2012, the three, as executive officers, filed a Form D for Initialized Capital Special Opportunities Fund I, L.P., which listed 2011 as the year of incorporation.⁠[1][2]

The first fund invested in Coinbase, Instacart, and GOAT in their earliest stages.⁠[1]

In 2013, Initialized II completed its fundraising, with a total offering amount and total amount sold of $39.15 million each, according to its Form D filing.⁠[3]

In 2014, Taggar left Initialized to found a company, later returning to Y Combinator as a partner.⁠[1]

In 2016, Initialized III began fundraising; a 2017 filing reported a total offering amount and total amount sold of $125 million each, with a registered address in San Francisco.⁠[4]

In 2018, Initialized IV completed its fundraising, with a total offering amount and total amount sold of $225 million each, according to its Form D filing.⁠[5]

On January 14, 2020, Ohanian published an article in Initialized Capital’s Medium publication announcing the firm’s first podcast, Business Dad, featuring interviews with fathers across business, sports, entertainment, and other fields about how they balance their careers and family. The first season had 10 episodes, with a new one released every Thursday, and the first guest was Hasan Minhaj.⁠[6][6]

In June 2020, Ohanian left Initialized to focus on pre-seed investing. He remained involved with existing portfolio companies but would no longer make new investments on behalf of Initialized.⁠[7][7]

On December 14, 2021, Initialized announced it had raised $700 million, including a sixth venture fund of about $530 million and an opportunity fund of $170 million. The sixth fund’s Form D filing reported a total amount sold of $520 million.⁠[8][9]

On August 29, 2022, Initialized announced that Garry Tan would become President and CEO of Y Combinator in early 2023, and that the firm would be led, effective immediately, by its newest managing partners, Jen Wolf and Brett Gibson.⁠[10]

In October 2024, Initialized restructured, letting multiple people go; managing partner Jen Wolf departed, and Brett Gibson continued as managing partner.⁠[11][11]

In September 2025, Initialized VII began fundraising, with a reported total offering amount of $150 million. As of September 18, 2026, $114.35 million had been sold to a total of 26 investors, and the fundraising was ongoing.⁠[12]

Initialized is currently led by managing partner Brett Gibson; its partners include Abdul Ly, Kim-Mai Cutler, and Zoe Perret; Garry Tan is Founder and Board Partner.⁠[13]

Initialized Capital: Official website: https://initialized.com/ (opens in a new window).⁠[14]

X: Official account: https://x.com/Initialized (opens in a new window).⁠[14]

LinkedInLinkedInLinkedIn is a social networking platform for professionals. It was founded in 2002 by Reid Hoffman and others, launched in 2003, and listed on the New York Stock Exchange in 2011; after Microsoft acquired it for approximately $26.2 billion in 2016, it became a wholly owned Microsoft subsidiary. Its revenue comes from membership subscriptions, advertising, and recruitment solutions.Open the full entry: Official account: https://www.linkedin.com/company/initialized-capital/ (opens in a new window).⁠[15]

YouTubeYouTubeYouTube is Google’s video-sharing and creator platform, founded in 2005 by Steve Chen, Chad Hurley, and Jawed Karim and acquired by Google in 2006. Built around video uploading, viewing, and creator earnings, the platform has developed Shorts, YouTube Music, Premium, YouTube TV, and products for children, and is headquartered in San Bruno, California, United States.Open the full entry: Official channel: https://www.youtube.com/channel/UC5fnPuszm7AarpX40Gjed8w (opens in a new window).⁠[15]