DFX Intelligence
Venture Capital Intelligence
Firms, funds, partners, companies and rounds from sworn filings, firm sites and announcements, kept as a graph with a date and a source on every edge. Facts, inferences and estimates are labelled as such. A fund target is never a close, GAV is never dry powder, and a round size is never an investor’s check.
Firms / Initialized Capital Management, LLC
Initialized Capital Management, LLC
Multi-stage venture firmSan Francisco, CAinitialized.comSEC venture capital fund adviserfundraising evidence
both early and growth/opportunity families, reported GAV $2,863M
Importance
45
elevated
Active deployment
39
elevated
Emerging
0
low
Completeness
69
high
Freshness
100
high
Research priority
17
moderate
Identity and regulatory footprint
- Headquarters
- San Francisco, CAadviserinfo.sec.gov
- Office address
- 464 TEHAMA STREET, San Francisco, CA, 94103adviserinfo.sec.gov
- Business phone
- 415-523-0988adviserinfo.sec.gov
- Website
- HTTP://INITIALIZED.COM
- SEC adviser type
- exempt reporting adviseradviserinfo.sec.gov
- SEC exemption claimed
- venture capital fund adviseradviserinfo.sec.govItem 2.B(1): advises solely venture capital funds
- Latest Form ADV
- Mar 27, 2026
- Private funds reported
- 23 (23 venture capital funds)adviserinfo.sec.gov
- Private fund gross assets
- $3.1Badviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
- business phone
- 415-523-0988adviserinfo.sec.govpublished by the subject
Stated thesis versus observed behaviour
1 observed deals
Stated (the firm’s website)
- Sectors
- ai, enterprise software, biotech, consumer, climate, deep tech, crypto
- Stages
- seed
- Geography
- new york
- Check size
- not stated; DFX does not estimate checks from round sizes
Observed (from deals on record)
Stage at participation
series a 100%
Stage at first entry
series a 100%
Sectors
unknown 100%
lead rate 100%follow-on rate 0%new logos, 12 months 1
Funds and vehicles
24 reported
| Vehicle | Type | Vintage | Lifecycle | Reported GAV | Owners | Form D sold | Latest Form D |
|---|---|---|---|---|---|---|---|
| Initialized V L.P. | Fund | 2021 adv first reported | Mature | $212M Oct 30, 2024 | 39 | $0 of $232M | Aug 14, 2020 |
| Initialized VI L.P. | Fund | 2021 form d first sale | Mature | $188M Oct 30, 2024 | 74 | $520M of $520M | Dec 16, 2021 |
| Initialized Superclass II L.P. | Fund | 2021 form d first sale | Mature | $51.3M Oct 30, 2024 | 24 | $170M of $170M | Dec 16, 2021 |
| Initialized Fg Spv LLC | SPV or co-invest vehicle | 2021 form d first sale | Mature | $22.7M Oct 30, 2024 | 1 | $9.6M of $9.6M | Jun 30, 2021 |
| Initialized Robin Hbf LLC | Fund | 2021 form d first sale | Mature | $22.4M Oct 30, 2024 | 1 | $13.6M of $13.6M | Oct 28, 2021 |
| Initialized PA Spv LLC | SPV or co-invest vehicle | 2021 form d first sale | Mature | $15.4M Oct 30, 2024 | 2 | $20.6M of $20.6M | Oct 18, 2021 |
| Initialized Cbh Spv LLC | SPV or co-invest vehicle | 2021 form d first sale | Mature | $13.1M Oct 30, 2024 | 5 | $5.8M of $5.8M | Jun 28, 2021 |
| Initialized V Associates L.P. | Fund | 2021 adv first reported | Mature | $9.1M Oct 30, 2024 | 49 | $0 of $10.0M | Aug 14, 2020 |
| Initialized VI Associates L.P. | Fund | 2021 form d first sale | Mature | $3.5M Oct 30, 2024 | 2 | $10.0M of $10.0M | Dec 16, 2021 |
| Initialized Tp Spv LLC | SPV or co-invest vehicle | 2021 form d first sale | Mature | $2.5M Oct 30, 2024 | 8 | $19.6M of $19.6M | Sep 9, 2021 |
| Initialized Superclass Iss L.P. | Fund | 2019 form d first sale | Mature | $224M Oct 30, 2024 | 24 | $50.0M of $50.0M | Jun 24, 2019 |
| Initialized Robin Fund, LP | Fund | 2019 form d first sale | Mature | $11.1M Oct 30, 2024 | 1 | $11.1M of $11.1M | Jul 30, 2020 |
| Initialized Pat Spv LLC | SPV or co-invest vehicle | 2019 form d first sale | Mature | $3.4M Oct 30, 2024 | 8 | $1.0M of $1.0M | Jul 11, 2019 |
| Initialized IV L.P. | Fund | 2018 form d first sale | Harvest | $632M Oct 30, 2024 | 40 | $225M of $225M | Oct 2, 2018 |
| Initialized IV Associates L.P. | Fund | 2018 form d first sale | Harvest | $20.9M Oct 30, 2024 | 55 | $7.3M of $7.5M | Oct 2, 2018 |
| Initialized Annex Associates L.P. | Continuation vehicle | 2018 adv first reported | Harvest | $6.4M Oct 30, 2024 | 23 | $0 of $5.0M | Sep 13, 2017 |
| Initialized Annex L.P. | Continuation vehicle | 2017 form d first sale | Harvest | $146M Oct 30, 2024 | 35 | $107M of $107M | Oct 2, 2018 |
| Initialized Ep Spv, LLC | SPV or co-invest vehicle | 2017 form d first sale | Harvest | $5.4M Oct 30, 2024 | 18 | $2.9M of $2.9M | Jun 9, 2017 |
| Initialized Ic Spv, LLC | SPV or co-invest vehicle | 2017 form d first sale | Harvest | $2.6M Oct 30, 2024 | 10 | $2.0M | Mar 9, 2017 |
| Initialized III L.P. | Fund | 2016 form d first sale | Harvest | $1.1B Oct 30, 2024 | 68 | $125M of $125M | Jul 10, 2017 |
| Initialized II, L.P. | Fund | 2013 form d first sale | Harvest | $135M Oct 30, 2024 | 41 | $39.1M of $39.1M | Aug 1, 2013 |
| Initialized Capital Special Opportunities Fund I, L. P. | Opportunity fund | unknown | Unknown | $15.0M Oct 30, 2024 | 36 | $0 of $10.0M | Feb 17, 2012 |
| Initialized VII Associates L.P. | Fund | unknown | Fundraising | unknown | unknown | $0 of $10.0M | Sep 29, 2025 |
| Initialized VII L.P. | Fund | unknown | Fundraising | unknown | unknown | $0 of $150M | Sep 29, 2025 |
GAV is the gross asset value the adviser reported on Form ADV for the vehicle, never the fund’s committed size and never dry powder. Form D sold is the amount sold as of the latest filing, never a final close.
Investment team
16 current, 6 departed
Brett Gibson
Managing partnerManaging Member · since Jan 1, 2023
Brett Gibson
Managing partnerManaging Member · since Jan 1, 2023
Brett Gibson
Managing partnerManaging Partner
Abdul Ly
PartnerPartner
Garry Tan
PartnerFounder & Board Partner
Kim-Mai Cutler
PartnerPartner
Zoe Perret
PartnerPartner
Chi An
Platform and operationsController
Cyndi Reseburg
Platform and operationsHead of Communications
Esaul Delgadillo
Platform and operationsFund Controller
Marinda Luk
Platform and operationsChief Financial Officer · since Oct 1, 2018
Marinda Luk
Platform and operationsChief Financial Officer
Marinda Luk
Platform and operationsChief Financial Officer · since Oct 1, 2018
Robert Lindsey
Platform and operationsHead of Finance Operations
Tiffany Foo
Platform and operationsHead of Talent
Vivian Chaves
Platform and operationsHead of Community
6 departed (kept with end dates)
- Aaron Harris · Managing Member · Apr 1, 2014 to Mar 30, 2017 Inference
- Alexis Ohanian · Managing Member · Sep 1, 2011 to Jul 28, 2020 Inference
- Garry Tan · Managing Member · Sep 1, 2011 to Feb 8, 2023 Inference
- Harjeet Taggar · Managing Member · Sep 1, 2011 to Mar 30, 2017 Inference
- Jennifer Wolf · Managing Member · Jan 1, 2023 to Oct 30, 2024 Inference
- Livingston Miller · General Counsel And Chief Operating Officer · May 1, 2021 to Mar 27, 2026 Fact
Investments on record
1 edges, 1 companies, 0 partner-attributed
| Company | Round | Role | Partner | Round size | This investor | Date | Source |
|---|---|---|---|---|---|---|---|
| Sygaldry | Series A · Series A | lead | unknown | $139M | unknown | Apr 14, 2026 | Fact Press release wires (Business Wire, PR Newswire, GlobeNewswire public RSS) |
“This investor” is the amount disclosed for this investor alone; it is unknown unless a source said it. The round size is the whole round.
Co-investors
10 relationships from shared deals, counted for the whole firm
Expeditions Fund 1 shared · one time · we led 1Overmatch Ventures 1 shared · one time · we led 1RRE Ventures 1 shared · one time · we led 1QDNL Participations 1 shared · one time · we led 1Rock Yard Ventures 1 shared · one time · we led 1Morpheus Ventures 1 shared · one time · we led 1University of Michigan 1 shared · one time · we led 1IQT 1 shared · one time · we led 1Y Combinator 1 shared · one time · we led 1Western Technology Investment (wti) 1 shared · one time · we led 1
Limited partners
0 disclosed
No LP commitment on record. An LP edge needs a public disclosure with a quote: a pension report (see Limited partners for the plans read), a fund announcement naming the LP, or a Form ADV owner. The fund page carries the LP’s reported performance.
Timeline
34 dated events
- Mar 27, 2026Livingston Miller (General Counsel And Chief Operating Officer) no longer on Schedule A of Initialized Capital Management, LLCPerson leftPeopleInferenceLivingston MillerIAPD Form ADV Part 1 PDF per firm (current filing, Schedule D 7.B.(1) and Schedule A)
- Oct 30, 2024Jennifer Wolf (Managing Member) no longer on Schedule A of Initialized Capital Management, LLC
- Mar 27, 2023Initialized VI L.P. first reported on Form ADV by Initialized Capital Management, LLC (Venture Capital Fund), GAV $119,197,879Fund first reported on Form ADVFundsFactInitialized VI L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 27, 2023Initialized VI Associates L.P. first reported on Form ADV by Initialized Capital Management, LLC (Venture Capital Fund), GAV $2,483,787Fund first reported on Form ADVFundsFactInitialized VI Associates L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Feb 8, 2023Garry Tan (Managing Member) no longer on Schedule A of Initialized Capital Management, LLC
- Jan 1, 2023Brett Gibson joined Schedule A of Initialized Capital Management, LLC as Managing Member
- Mar 31, 2022Initialized Superclass II L.P. first reported on Form ADV by Initialized Capital Management, LLC (Venture Capital Fund), GAV $13,596,323Fund first reported on Form ADVFundsFactInitialized Superclass II L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 31, 2022Initialized Fg Spv LLC first reported on Form ADV by Initialized Capital Management, LLC (Venture Capital Fund), GAV $9,504,931Fund first reported on Form ADVFundsFactInitialized Fg Spv LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 31, 2022Initialized PA Spv LLC first reported on Form ADV by Initialized Capital Management, LLC (Venture Capital Fund), GAV $20,499,998Fund first reported on Form ADVFundsFactInitialized PA Spv LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 31, 2022Initialized Tp Spv LLC first reported on Form ADV by Initialized Capital Management, LLC (Venture Capital Fund), GAV $19,499,723Fund first reported on Form ADVFundsFactInitialized Tp Spv LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 31, 2022Initialized Cbh Spv LLC first reported on Form ADV by Initialized Capital Management, LLC (Venture Capital Fund), GAV $5,719,730Fund first reported on Form ADVFundsFactInitialized Cbh Spv LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 31, 2022Initialized Robin Hbf LLC first reported on Form ADV by Initialized Capital Management, LLC (Venture Capital Fund), GAV $13,499,986Fund first reported on Form ADVFundsFactInitialized Robin Hbf LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- May 1, 2021Livingston Miller joined Schedule A of Initialized Capital Management, LLC as General Counsel
- Mar 25, 2021Initialized V Associates L.P. first reported on Form ADV by Initialized Capital Management, LLC (Venture Capital Fund), GAV $1,922,147Fund first reported on Form ADVFundsFactInitialized V Associates L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 25, 2021Initialized V L.P. first reported on Form ADV by Initialized Capital Management, LLC (Venture Capital Fund), GAV $44,464,519Fund first reported on Form ADVFundsFactInitialized V L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Jul 28, 2020Alexis Ohanian (Managing Member) no longer on Schedule A of Initialized Capital Management, LLC
- Mar 31, 2020Initialized Robin Fund, LP first reported on Form ADV by Initialized Capital Management, LLC (Venture Capital Fund), GAV $5,075,000Fund first reported on Form ADVFundsFactInitialized Robin Fund, LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 31, 2020Initialized Superclass Iss L.P. first reported on Form ADV by Initialized Capital Management, LLC (Venture Capital Fund), GAV $32,403,312Fund first reported on Form ADVFundsFactInitialized Superclass Iss L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 31, 2020Initialized Pat Spv LLC first reported on Form ADV by Initialized Capital Management, LLC (Venture Capital Fund), GAV $992,550Fund first reported on Form ADVFundsFactInitialized Pat Spv LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 30, 2019Initialized IV Associates L.P. first reported on Form ADV by Initialized Capital Management, LLC (Venture Capital Fund), GAV $963,950Fund first reported on Form ADVFundsFactInitialized IV Associates L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 30, 2019Initialized IV L.P. first reported on Form ADV by Initialized Capital Management, LLC (Venture Capital Fund), GAV $27,983,488Fund first reported on Form ADVFundsFactInitialized IV L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Oct 1, 2018Marinda Luk joined Schedule A of Initialized Capital Management, LLC as Chief Financial Officer
- Mar 1, 2018Initialized Ep Spv, LLC first reported on Form ADV by Initialized Capital Management, LLC (Venture Capital Fund), GAV $3,000,000Fund first reported on Form ADVFundsFactInitialized Ep Spv, LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 1, 2018Initialized Annex Associates L.P. first reported on Form ADV by Initialized Capital Management, LLC (Venture Capital Fund), GAV $1,131,680Fund first reported on Form ADVFundsFactInitialized Annex Associates L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 1, 2018Initialized Annex L.P. first reported on Form ADV by Initialized Capital Management, LLC (Venture Capital Fund), GAV $22,055,025Fund first reported on Form ADVFundsFactInitialized Annex L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Jan 1, 2018Jennifer Wolf joined Schedule A of Initialized Capital Management, LLC as President & Partner
- Mar 30, 2017Aaron Harris (Managing Member) no longer on Schedule A of Initialized Capital Management, LLC
- Mar 30, 2017Harjeet Taggar (Managing Member) no longer on Schedule A of Initialized Capital Management, LLC
- Mar 30, 2017Initialized Ic Spv, LLC first reported on Form ADV by Initialized Capital Management, LLC (Venture Capital Fund), GAV $2,000,000Fund first reported on Form ADVFundsFactInitialized Ic Spv, LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 30, 2017Initialized III L.P. first reported on Form ADV by Initialized Capital Management, LLC (Venture Capital Fund), GAV $97,124,000Fund first reported on Form ADVFundsFactInitialized III L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- May 6, 2014Initialized II, L.P. first reported on Form ADV by Initialized Capital Management, LLC (Venture Capital Fund), GAV $7,380,000Fund first reported on Form ADVFundsFactInitialized II, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- May 6, 2014Initialized Capital Special Opportunities Fund I, L. P. first reported on Form ADV by Initialized Capital Management, LLC (Venture Capital Fund), GAV $6,970,000Fund first reported on Form ADVFundsFactInitialized Capital Special Opportunities Fund I, L. P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- May 6, 2014Initialized Capital Management, LLC first filed Form ADV (ERA, venture capital fund adviser exemption)First SEC adviser filingOrganizationFactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Apr 1, 2014Aaron Harris joined Schedule A of Initialized Capital Management, LLC as Managing Member
Classification history
- Sep 15, 2026Multi-stage venture firm (confirmed, 95%, cls-1)both early and growth/opportunity families, reported GAV $2,863M
- Sep 12, 2026Multi-stage venture firm (confirmed, 95%, cls-1)both early and growth/opportunity families, reported GAV $2,860M
Evidence
57 observations from 4 sources