VC Firm Initialized Raises $230 Million for Early-Stage Deals

San Francisco venture firm Initialized Capital Management has raised $230 million for its fifth fund, dedicated to investing in early-stage startups.

The vehicle, known as Initialized V, plans to back about 45 startups over the next three years, co-founder Garry Tan said in an interview. Its focus will be seed investing, typically the first time a company raises money and often before it has launched a product or service.

“We love finding tomorrow’s unicorns,” Tan said.

The firm aims to lead financing rounds with checks of $1 million to $4 million. Initialized averaged 15% ownership stakes across the 45 companies ...