ISSUE – Jun. 29 | BREAKING: Scoop: Alexis Ohanian leaves VC firm Initialized

Reddit co-founder Alexis Ohanian is moving on from Initialized, the venture capital firm he co-founded in 2012, Axios has learned.

What happened: Ohanian has become more interested in “pre-seed” investing, which is often little more than a business plan and a founding team, whereas Initialized focuses on traditional “seed-stage” investing.

Why now: Initialized, led by Garry Tan, is beginning to raise its fifth flagship fund, as its $225 million fourth fund was raised two years ago.

  • Don’t be surprised to see Ohanian also raise a fund for his pre-seed efforts, although no word yet on how much he’ll target.
  • Ohanian also plans to remain involved with existing Initialized portfolio companies but won’t make any new Initialized investments. [ Axios] 

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