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About Initialized Capital
Initialized Capital is a venture capital firm founded in 2011. It is primarily based out of San Francisco, United States. As of Sep 2026, Initialized Capital is an active investor, having invested in 299 companies, with 7 new investments in the last 12 months. It primarily invests in Seed round in United States based startups. Its investments are spread across a wide range of sectors from Enterprise Applications to High Tech and Consumer. Most recently it participated in the $***** Seed round of Robocurve Overall, Initialized Capital portfolio has seen 20 unicorns, 5 IPOs and 70 acquisitions including key companies like Instacart, Coinbase and Opendoor. A lot of funds co-invest with Initialized Capital, with names like Y Combinator sharing a substantial percentage of its portfolio. Initialized Capital has team of 8 people including 5 partners.Key Metrics
Team Members
Portfolio Sectors
Portfolio Locations
Rounds of Entry
Seed, Series A & 3 more
Portfolio Acquisitions
Portfolio Soonicorns
Deals in last 12 months
Initialized Capital's List of Top Investments
Initialized Capital has a portfolio of 299 companies, including 20 unicorns. Their most notable investments are in Caliza and Knox.Their portfolio spans across United States, United Kingdom, Canada and 10 more locations. They have invested in Enterprise Applications, High Tech, Consumer and 34 other sectors, across stages such as Seed, Series A and 3 more. Here is the list of top investments by Initialized Capital:1. Instacart
Operator of an online marketplace providing grocery and delivery services. The platform connects customers with personal shoppers who fulfill orders from various retailers. Customers can select items, chat with shoppers, and schedule delivery or pickup. The marketplace offers a range of grocery, household, and other retail products. It also provides options for membership and business accounts.
Key facts about Instacart
- Founded Year: 2012
- Location: San Francisco (United States)
- Annual Revenue: $1B+ as on Dec 31, 2025
- Stage: Public
- Total Funding till date: $2.93B
- Employee Count: 25,341 as on Aug 31, 2026
- Investors: TrueBridge, equitywestsecurities.com and 85 Others
- Latest Funding Round: Series F, Oct 15, 2021, $*****
- Highlight: Public
2. Coinbase
Online platform for crypto portfolio. It offers solutions for consumers such as regular trading platforms, wallets for storing cryptocurrencies, crypto exchanges, USD-backed stable coins, and more. It also provides solutions for businesses such as custodian services, crypto-based payment acceptance solutions, and more.
Key facts about Coinbase
- Founded Year: 2012
- Location: San Francisco (United States)
- Annual Revenue: $1B+ as on Dec 31, 2025
- Stage: Public
- Total Funding till date: $547M
- Employee Count: 7,124 as on Aug 31, 2026
- Investors: Intel, 2020 Ventures and 148 Others
- Latest Funding Round: Post IPO, Aug 13, 2021, $*****
- Highlight: Public
3. Opendoor
Provider of digital platforms for buying and selling residential property. The business facilitates real estate transactions by enabling owners to list properties for sale and providing buyers with direct purchase options. It manages the underlying processes for home exchanges and coordinates with homebuilders to offer inventory to prospective buyers.
Key facts about Opendoor
- Founded Year: 2014
- Location: Tempe (United States)
- Stage: Public
- Total Funding till date: $1.35B
- Employee Count: 1,449 as on Aug 31, 2026
- Investors: Access Industries, Vibhu Venture Partners and 76 Others
- Latest Funding Round: Post IPO, Aug 18, 2021, $*****
- Highlight: Public
4. Patreon
Provider of a reward-based crowdfunding platform for musicians and content creators. It allows users to invest in projects to avail returns in the form of pre-sold concert tickets, personal gifts, meet & greets, etc. The backers pledge a fixed amount every month to the chosen project. It is based on the ad revenue and per-stream payouts model. The application can be accessed on iOS and Android devices.
Key facts about Patreon
- Founded Year: 2013
- Location: San Francisco (United States)
- Valuation: $*****
- Stage: Series F
- Total Funding till date: $412M
- Employee Count: 1,231 as on Aug 31, 2026
- Investors: Allen & Company, Atlas Venture and 59 Others
- Latest Funding Round: Series F, Apr 06, 2021, $*****
- Highlight: Editors' Pick
5. Rippling
Cloud-based suite solution for HR management. It offers automated onboarding and offboarding solution for the organizations. The product is an employee management software solution with features such as payroll administration, employee benefits management, headcount planning, feedback surveys, shift scheduling, learning management and more. It also offer products such as workflow studio, reporting analytics, policies management and more. It is a tool available on the subscription based pricing model.
Key facts about Rippling
- Founded Year: 2016
- Location: San Francisco (United States)
- Valuation: $*****
- Stage: Series G
- Total Funding till date: $1.85B
- Employee Count: 7,809 as on Aug 31, 2026
- Investors: Goldman Sachs, GIC and 71 Others
- Latest Funding Round: Series G, May 09, 2025, $*****
- Highlight: Editors' Pick
Initialized Capital's Year-on-Year Investment Trends
Initialized Capital has invested in 299 companies over the last 15 years, with an average of 17 new investments annually in the last 10 years. In 2025, it made 20 investments, while as of Sep 2026, it has made 8 investments in this year. Its most recent first time investment was in Robocurve and most recent follow-on round was in Picogrid.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 6 | 2 | 8 |
2025 | 14 | 6 | 20 |
2024 | 15 | 5 | 20 |
2023 | 13 | 5 | 18 |
2022 | 26 | 19 | 45 |
2021 | 16 | 18 | 34 |
2020 | 15 | 17 | 32 |
2019 | 22 | 12 | 34 |
2018 | 24 | 7 | 31 |
2017 | 18 | 6 | 24 |
Initialized Capital's Investments by Stage
Initialized Capital has made 127 investments in Seed stage with an average round size of $4.61M, 59 investments in Series A stage with an average round size of $14.2M, 13 investments in Series B stage with an average round size of $23M, 5 investments in Series C stage with an average round size of $45.5M and 2 investments in Series D stage with an average round size of $237M.Stage of entry | No. of Investments |
|---|---|
Seed | 127 |
Series A | 59 |
Series B | 13 |
Series C | 5 |
Series D | 2 |
Note: We have considered here, only first round of investments
Initialized Capital's Investments by Sector
Initialized Capital has a diverse portfolio, with companies operating in the Enterprise Applications, High Tech, Consumer, FinTech and Vertical SaaS. Notably, it has invested in 268 Tech companies, 196 Enterprise (B2B) companies, 175 Software companies and at least 110 companies focusing on Consumer (B2C).Sector | No. of Investments |
|---|---|
Enterprise Applications | 99 |
High Tech | 47 |
Consumer | 40 |
FinTech | 32 |
Vertical SaaS | 27 |
Others | 262 |
Note: We have considered here, only first round of investments
Initialized Capital's Investments by Geography
Initialized Capital has made most investments in United States (186), followed by United Kingdom where it has made 6 investments.Country | No. of Investments |
|---|---|
United States | 186 |
United Kingdom | 6 |
Canada | 4 |
Brazil | 2 |
Germany | 2 |
Others | 5 |
Note: We have considered here, only first round of investments
Initialized Capital's recent investments
Initialized Capital has made 8 investments in 2026 so far. Robocurve and Arcturus Technologies are the latest among them.Here are the most recent investments by Initialized Capital:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Sep 15, 2026 | United States | Seed | 6410 | [+2] | |
Jun 30, 2026 | United States | Seed | 5611 | [+3] | |
Apr 24, 2026 | United States | Series A | 3983 | ||
Apr 22, 2026 | United States | Seed | 3759 | [+1] | |
Apr 22, 2026 | United States | Seed | 4778 | [+5] |
Unicorns in Initialized Capital's Portfolio
Initialized Capital has 20 unicorns in its portfolio - TRM Labs, Front, Talos and others. The most recent unicorn in their portfolio is TRM Labs. It became a unicorn in 2026, 6 years after Initialized Capital first invested in it.Here is a list of unicorns in Initialized Capital's portfolio:
Tracxn Score | Company | Short Description | Founded year | Sector | Location | Company Stage | First Investment/ Acquisition Details |
|---|---|---|---|---|---|---|---|
66 | Provider of blockchain intelligence for detecting crypto-facilitated crime and compliance | 2018 | San Francisco | Series C | zolrfby | ||
70 | Provider of a customer service platform with AI-powered support tools | 2013 | San Francisco | Series D | {aukmwy | ||
75 | Provider of an institutional digital assets platform for trading, managing, and accessing crypto markets | 2018 | New York City | Series B | rhoy{rm | ||
76 | Blockchain platform for smart contracts and custom subnets | 2018 | Brooklyn | Series B | czzbvdn | ||
76 | DIgital health platform offering various services for men | 2017 | New York City | Series D | mmmqjls |
IPOs and Publicly Listed companies in Initialized Capital's Portfolio
5 of Initialized Capital's portfolio companies have become public. Reddit got listed on the National Association of Securities Dealers Automated Quotations (NASDAQ), in Mar 2024 at marketcap of $1.25B and Instacart got listed on the National Association of Securities Dealers Automated Quotations (NASDAQ) at marketcap of $8.3B.Here are Initialized Capital's portfolio companies that went public:
Company | IPO Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Mar 21, 2024 | - | - | 4440 | |
Sep 19, 2023 | Mar 15, 2017 | Series D | 1370 | |
Jul 16, 2021 | - | - | 8636 | |
Apr 14, 2021 | - | - | 8957 | |
Dec 21, 2020 | - | - | 7713 |
Acquired companies in Initialized Capital's Portfolio
70 companies from Initialized Capital's portfolio have been acquired. The most recent acquisition was Weave in Aug 2026 by Francisco Partners for $*****.Here are Initialized Capital's portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Aug 18, 2026 | Jun 16, 2014 | Series A | 3693 | |
Aug 08, 2026 | Jul 07, 2025 | Seed | 7269 | |
Oct 15, 2025 | Dec 01, 2016 | Seed | 5179 | |
Sep 05, 2025 | Dec 09, 2020 | Series A | 1767 | |
May 22, 2025 | Feb 26, 2015 | Seed | 2978 |
Team profile of Initialized Capital
Initialized Capital has a team of 8 members including 5 Partners and 2 Principals located in United States. Initialized Capital's team sits on the board of 3 companies.Here is a list of all team members in Initialized Capital:
Name | Designation | Location | Board Memberships | Contact Details |
|---|---|---|---|---|
Partner | San Francisco | |||
Partner | San Francisco | - | ||
Partner | San Francisco | - | ||
Partner | San Francisco | - | ||
Partner | New York City | - | ||
Principal | San Francisco | - | ||
Principal | San Francisco | - | - |
Co-investors of Initialized Capital
Over the past 15 years, 1462 investors have co-invested in Initialized Capital's portfolio companies. This includes funds and angels.
- Invested before Initialized Capital: Y Combinator, SV Angel and 247 others have invested in rounds before Initialized Capital. There are 80 companies where Y Combinator has invested before Initialized Capital and 8 companies where SV Angel has invested before Initialized Capital.
- Top Co-investors of Initialized Capital: 708 investors entered a company along with Initialized Capital. These include investors like Y Combinator (20 companies).
- Invested after Initialized Capital: A total of 505 investors have invested in Initialized Capital's portfolio after their investments. Top Investors include Tiger Global Management (7 companies), Alumni Ventures (6 companies) and Seven Seven Six (5 companies).
Recent News related to Initialized Capital
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Arcturus Secures $8M Seed Funding to Revolutionize Metals with Carbon NanomaterialsMiningstockeducation•Jun 30, 2026•Initialized Capital, Arcturus Technologies, Wireframe Ventures, 1517 Fund and 2 others
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Picogrid Raises $45M Series A to Build the Open Integration Layer for Modern Defenseintelligence360•May 29, 2026•Credo Ventures, Alumni Ventures, GSBackers, Picogrid and 4 others
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Picogrid Secures $45 Million Series A Funding to Revolutionize Defense IntegrationBenzinga•May 29, 2026•Picogrid, Bessemer Venture Partners, GSBackers, Initialized Capital and 4 others
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Sygaldry Technologies Raises $139M to Build Quantum AI ServersTech Funding News•Apr 16, 2026•Sygaldry, Breakthrough Energy, Initialized Capital, Earth Venture Capital
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Z Venture Capital invests in Sygaldry for quantum-powered AI data centers.PR TIMES•Apr 15, 2026•Sygaldry, Z Venture Capital, Overmatch, Rock Yard Ventures and 6 others
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Alien Raises $7.1M in Pre-Seed FundingFinSMEs•Apr 03, 2026•Common Metal, HF0, Scenius Capital, Finality Capital and 10 others
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Seamflow Raises $4.5M to Automate Global Certification Processes with AITrending Topics•Feb 17, 2026•Initialized Capital, Northzone, Seamflow, Nebular and 1 other
