Initial Capital
Venture capitalInactiveLondon · Seed–Series A · 4 people tracked
This fund appears to be inactive.
UK Companies House records show INITIAL CAPITAL LIMITED (no. 10399343) as dissolved. It is unlikely to be making new investments — this profile is kept for reference and historical accuracy.
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Investment thesis
Initial Capital backs seed and early-stage technology companies, concentrating heavily on the Bitcoin ecosystem alongside games, consumer products and technology enablers. Rather than positioning itself as a traditional VC fund, the firm describes itself as a group of serial entrepreneurs who actively partner with founding teams to build global category leaders. It emphasizes hands-on support beyond capital, offering guidance across product, technology, recruitment and growth, drawing on the team's own operating experience. Operating out of London and Austin, the firm welcomes business plans from entrepreneurs and reviews every inbound pitch, though it cannot guarantee a response to each.
Source: firm website, verified Sep 27, 2026.
Team · 4 people
from curated & public directoriesWhat they invest in
from 57 of 71 portfolio companiesGaming ×29Consumer ×16Crypto & Web3 ×13Fintech ×13SaaS ×13AI & Machine Learning ×8Media & Entertainment ×8Enterprise Software ×7
HQs:United States×15United Kingdom×4Finland×2Brazil×1Czechia×1Estonia×1
Who they back
founder profiles across 29 portfolio companiesFounding team size:solo founder×132 founders×63 founders×44+ founders×6
Where their founders studiedfrom 23 founders with education data
The London School of Economics and Political Science (LSE) ×4
What their founders studiedfrom 23 founders with field-of-study data
Computer Science ×9Economics ×5Business & Management ×4Engineering ×3Humanities ×2
Where their founders worked beforefrom 25 founders with career history
Riot Games ×3Electronic Arts ×2Luminary Life Sciences ×2Nokia ×2
1 hold an MBA (of 27 with degree data)
Investments · 71 tracked
founders shown can be your intro pathBy year:2026 · 12025 · 12024 · 12021 · 22020 · 32017 · 22016 · 32015 · 12014 · 22012 · 117 dated
Flash provides a Bitcoin subledger system for mining operations and businesses, with plans to expand into payments and treasury management.
Crypto & Web3Enterprise SoftwareFintechSaaSNewark, US
Alby provides self-custody bitcoin wallet software and infrastructure, accessible through web and mobile applications, enabling users to make payments and receive bitcoin via Lightning Network addresses without relying on centralized custodians.
Crypto & Web3Fintech
Co-investorsFulgur VenturesHivemind Ventures, Llc
Amihan is an interactive entertainment studio that develops games, including the farm game Farm Frens and an upcoming title called Everseed.
ConsumerGamingMedia & EntertainmentLos Angeles, US
Naomi McArthur(Founder)inPaul Loy(Founder)in
Co-investorsAlliance DAO (ex DeFi Alliance)Hash3 CapitalTransLink Capital
Antidote invests in and builds Bitcoin startups and operates a coworking hub and community space where Bitcoin builders, investors, media, and policymakers meet, host events, and make deals.
Crypto & Web3PropTechLondon, GB
Ryan William Sheldon(Executive Officer, Director)Reese Hanneman(Executive Officer, Director)in
BoardBrandon Rinner(Director)
AppGyver is a no-code platform for building web and mobile applications with visual development tools and cloud backend functions.
Cloud ComputingDeveloper ToolsSaaSSan Francisco, US
Marko Sakari Lehtimaki(Executive Officer, Director)Henri Samuel Vahakainu(Executive Officer)
BoardPatrik Olof Backman(Director)inTommi Markus Uhari(Director)inKRISTIAN SEGERSTRALE(Director)
Co-investorsOpenOceanKarma Ventures
Quest Analytics provides cloud-based software and services for healthcare provider network management, including its Quest Enterprise Services (QES) platform for measuring, monitoring, and modeling network adequacy, compliance, performance, and provider data accuracy.
Digital HealthEnterprise SoftwareHealthtechSaaSSan Francisco, US
Ari Tulla(Founder)inTapio Tolvanen(Founder)in
BoardMohamad Makhzoumi(Director)Jean-Francois Clavier(Director)inJaakko Kokko(Director)in
Co-investors500 GlobalCommerce VenturesHealth Catalyst CapitalKima VenturesLifeline VenturesMetaplanet+2 more
Bipa is a Brazilian financial app that enables users to buy, sell, and manage Bitcoin and US Dollar holdings through Pix transfers and a branded credit card offering Bitcoin cashback.
Crypto & Web3FintechSão Paulo, BR
Co-investorsFulgur VenturesHivemind Ventures, LlcLightning VenturesSTILLMARK
Bringin offers a self-custody Lightning wallet and app that lets European Bitcoiners convert Bitcoin to euros, receive funds in a personal virtual IBAN, and spend via debit cards anywhere Visa works.
Crypto & Web3FintechTallinn, EE
Prashanth C(Founder & CEO)
Co-investorsFulgur Ventures
BUX is a European neobroker offering an investing app where retail users can buy stocks, ETFs and ETCs, automate contributions via investment plans, access model portfolios, and earn interest on uninvested cash.
ConsumerFintech
Co-investorsFinch CapitalVelocity Fintech VenturesHoltzbrinck VenturesHV CapitalProsus VenturesVelocity Capital Advisors
Code Kingdoms offers online, self-paced coding courses that teach children ages 8-14 to program Minecraft mods (in Java) and Roblox games (in Lua) through interactive video tutorials and a web-based code editor.
EdTechGamingSaaSLondon, GB
Ross Targett(Cofounder)in
Co-investorsEntrepreneur FirstForce Over Mass CapitalSparkLabs Global Ventures
Core Loop is a fully remote game studio focused on building multiplayer online games.
Gaming
Co-investorsAndreessen HorowitzSisu Game Ventures
Creature Studio is a design and branding firm that works across brand strategy, product design, and customer experience for its clients.
Sector Agnostic
Co-investors25MadisonActive PartnersBoost Capital PartnersTorch Capital
Cymmetria develops deception-based security software that detects and responds to attackers operating inside networks.
CybersecurityEnterprise SoftwareTel Aviv-Yafo, IL
Gadi Evron(CEO)inDean Sysman(CTO)inRan Harel(CPO)
Co-investors408 VenturesFollow[the]SeedLumia CapitalMission and MarketRally Ventures Management, LlcY Combinator+8 more
Joonas Jokela(Founder)Stella Wang(Founder)
Co-investorsbyFoundersSisu Game VenturesSpintop VenturesGalaxy Interactive
Whitelabel buy-now-pay-later platform for retail finance at the point of sale.
Christer Holloman(Founder)Todd Latham(CEO)Anders Hallsten(Founder)Fredrik Borgquist(Founder)
Co-investorsDawn CapitalDG Daiwa VenturesDN CapitalFINTECH CircleGlobal BrainGreen Shores Capital+9 more
Ego Death Capital is a venture capital and investment firm that backs founders and companies in emerging markets and digital assets.
Crypto & Web3Enterprise Software
Jeff Booth(Founding Partner)Nico Lechuga(Founding Partner)Andi Pitt(Founding Partner)Lyn Alden(General Partner)
Farm Frens is a farming simulation game on the Base App where players plant crops, raise animals, and handle daily mishaps in a comedic, offbeat setting.
Gaming
GAMEE operates a leading Telegram mini app platform with over 60 proprietary games and a social gaming layer, serving 120 million registered users.
AdTechAI & Machine LearningCrypto & Web3Gaming
Miroslav Chmelka(Co-founder, CTO)inBozena Rezab(Co-Founder)Martin Zakovec(CEO)inMartin Navratil(CMO)
Co-investorsAnimoca Brands3VCEmfarsisPentos VenturesCredo VenturesIndex Ventures
Hutch Games develops mobile car games focused on strategy and skill gameplay.
GamingLondon, GB
Co-investorsBackedIndex VenturesModern Times Group
Immersv operates a mobile virtual reality advertising platform and immersive web3D and virtual world engagement services.
Media & Entertainment
Co-investorsAllMobile FundColopl NextEast VenturesFoundation CapitalGreeThe Venture Reality Fund
JAN3 builds Bitcoin infrastructure and applications, focusing on accelerating Bitcoin adoption and enabling circular economies through Layer 2 technologies.
AI & Machine LearningCrypto & Web3Fintech
Samson Mow(Chief Executive Officer)inHRH Prince Filip Karađorđević(Chief Strategy Officer)Nick Szabo(Chief Scientist)Alex Bragin(Chief Technology Officer)
Co-investorsFulgur VenturesLightning Ventures
Lendasat operates a peer-to-peer marketplace for Bitcoin-backed loans, matching borrowers who lock up Bitcoin as collateral with lenders.
Crypto & Web3FintechMarketplaces
Co-investorsFulgur Ventures
Magic DAYW Inc. is developing a mobile game.
Gaming
Co-investorsBAI capitalCrystal Stream CapitalHongShan Capital GroupHyT CapitalIDG Capital
Magmatic is a mobile game company that develops games combining human creativity with AI technology.
AI & Machine LearningConsumerGaming
Florian Stronk(Founder)in
Co-investorsCherry VenturesCreandum
Medal is a free software application for recording, editing, and sharing gameplay highlights on PC and mobile.
Creator EconomyGamingHealthtechSan Francisco, US
Andrew McMurry(Executive Officer, Director)
BoardDaniel Kaminsky(Director)
Co-investorsAlliance VCAlliance VentureAlpha EdisonBackedHorizons VenturesJoyance Partners+7 more
Atlanta-based enterprise customer engagement platform that personalizes email, SMS and mobile campaigns directly from brands' own data warehouses.
Atlanta, US
Roger Barnette(Executive Officer, Director)Stanford Jones(Director)Alison Drummond(Director)Robert Jones(Director)Dan Roy(Director)Jonathan Hallett(Director)
Co-investorsAtlantic Bridge VenturesDelta PartnersEnterprise EquityIreland Strategic Investment FundThe Argentum GroupLong Ridge Equity Partners
Mion provides Bitcoin payment processing infrastructure for merchants in Europe, offering fast Bitcoin-to-Euro conversions with regulatory compliance and proprietary node management technology to enable practical everyday merchant adoption.
Crypto & Web3FintechPrague, CZ
Co-investorsLeo Capital Ventures
Netspeak Games is a remote-first games studio that develops social games.
GamingSocialLondon
Callum Brighting(Director)in
Co-investorsMakers FundProject A VenturesLakestar
Palo Alto, US
Tony Jamous(Executive Officer)
Co-investorsTitanium VenturesIntel Capital
Ongage provides a data bridge platform that enables email marketers to move data seamlessly between different email marketing platforms.
Data & InfrastructureMarketing TechSaaS
Alec Dobbie(CEO and Co-Founder)Assaf Ben-Asher(CEO & Co-Founder)inOfer Shani(President & General Manager / Co-Founder)in
Order of Meta is a game development studio made up of professional game creators focused on mid-core and hardcore genres.
GamingEspoo, FI
Alexey Kuzin(Founder)Aleksei Kuzin(Founder)Alexey Sazonov(Founder)Sergei Koziakov(Founder)
Co-investorsCrit VenturesPlay VenturesThe Games FundGEM CapitalKorea Investment Partners
Oyster is an employer of record (EOR) platform that lets companies hire, pay, and manage full-time employees and contractors in over 180 countries without setting up local entities, handling compliant onboarding, contracts, payroll, and benefits.
Future of WorkHR TechSaaSSan Francisco, US
Ally Fekaiki(CEO and Founder)Tony Jamous(Founder)inJack Mardack(Founder)inHadi Moussa(CEO)inTony Jamous Jack Mardack(Founder)
Co-investorsAcadian Ventures Management, LlcAtento CapitalAvid VenturesEmergence Capital PartnersG2 Venture PartnersKima Ventures+5 more
Parallel Universe provides tools and infrastructure for writing correct software, focusing on the fundamental challenges of program correctness through computational theory.
Data & InfrastructureDeveloper ToolsEnterprise Software
Ron Pressler(Founder)Dafna Presler(Co-Founder \u0026 CBO)
Co-investorsY Combinator
PayPerQ (PPQ) provides pay-per-use access to hundreds of text, image, video, and voice AI models from providers like OpenAI, Anthropic, Google, and Meta through a web app, an OpenAI-compatible API, and a desktop voice dictation tool.
AI & Machine LearningDeveloper ToolsSaaS
Matt Ahlborg(Founder)in
Peak develops neuroscience-based digital cognitive training tools to help users improve mental performance and cognition.
AI & Machine LearningDigital HealthGamingHealthtechWellness & Fitness
BoardBarbara Sahakian(Professor of Clinical Neuropsychology)
Co-investorsFirestartrLifeline VenturesPeak XV Partners
Pok Pok makes digital toys and apps designed to encourage open-ended, creative play for children.
ConsumerEdTechGamingToronto
Ryan Cash(Executive Officer, Director)Jordan Rosenberg(Executive Officer)Esther Lisa Lucia Huybreghts(Director)Melissa Sarah Cash(Executive Officer, Director)
BoardNicolas Wittenborn(Director)Joshua Chapman(Director)in
Co-investorsAdjacent V4Banana CapitalBitkraft Esports VenturesKonvoy Ventures
Polystream builds a metaverse platform with interoperable virtual worlds that users can navigate seamlessly, enabling immersive games, interactive applications, and social experiences delivered instantly to communities globally.
ConsumerGamingSocial
Co-investorsIntel CapitalLauder PartnersLondon Venture Partners
Kiri is a pediatric health app that helps parents track and understand their child's patterns around sleep, feeding, symptoms, and development.
AI & Machine LearningConsumerDigital HealthHealthtech
Larry Tsai(Founder & CEO)inJordan Riggs(Co-Founder)in
Co-investorsBessemer Venture PartnersNextEquity PartnersSwitch VenturesToba CapitalTriplePoint Capital
Quikkly provides an SDK and platform for creating custom scannable smart codes as an alternative to QR codes, letting brands add branded, secure scanning features to their apps.
Enterprise SoftwareMarketing TechSaaS
Rainforest QA is an AI-powered, no-code testing platform that automates quality assurance for software development teams.
AI & Machine LearningDeveloper ToolsEnterprise SoftwareSaaSSan Francisco, US
Fred Stevens-Smith(CEO)inRussell Smith(CTO)inJ.J. Chai(Founder)JJ Chai(Founder)Jason Tan(Founder)inJoshua Silver(Founder)
Co-investorsY CombinatorBessemer Venture PartnersBonfire VenturesCrosslink CapitalFundersClubHeavybit+13 more
Resolution Games is a game studio that develops virtual and mixed reality games across platforms from PC to XR, with titles including Demeo, Racket Club, Blaston, and Spatial Ops.
ConsumerGamingStockholm, SE
Carl-Arvid Ewerbring(Founder)inTommy Palm(Founder)inMartin Vilcans(Founder)Paul Brady(Founder)
Co-investorsBitkraft Esports VenturesBonnier CapitalColopl NextGV (Google Ventures)MizMaa Venturesnode.vc+8 more
saf. provides cross-border payment infrastructure for companies operating in Central America, enabling money transfers across the region via an API that uses digital assets and local banking rails.
Fintech
Mario Aguiluz(Founder)in
Co-investorsCarao VenturesHivemind Ventures, Llc
Sanlo provides monetization and payment infrastructure for game developers and publishers, including a D2C web shop builder, web checkout, and native Unity checkout to accept payments across web shops, web games, and alternative app stores.
E-commerceFintechGamingSaaS
Olya Caliujnaia(Founder)William Liu(Founder)
Co-investorsGFR FundIndex VenturesChemistryFin CapitalGokul RajaramLondon Venture Partners+3 more
Shipsi provides fulfillment optimization software that transforms order delivery into a competitive advantage for retail brands.
Direct to ConsumerE-commerceLogistics & Supply ChainSaaSLos Angeles, US
Co-investorsCapital Q® Ventures Inc.Halogen Ventures Management Company LlcMonte Carlo CapitalSupply Chain VenturesTechstarsGaingels
Singa provides a karaoke streaming service accessible via computer, mobile devices, and smart TVs, offering a library of karaoke songs including original recordings.
ConsumerGamingMedia & Entertainment
Co-investorsInvesdorSisu Game VenturesSuperhero Capital
Supercell develops multiplayer mobile games including Clash of Clans, Brawl Stars, Clash Royale, and Squad Busters, designed for a global audience of players seeking long-term entertainment.
ConsumerGamingMedia & EntertainmentBoston, US
Simon Hade(Founder)John Earner(Founder)
BoardMichael Treskow(Director)
Co-investorsAccelNorthzoneLondon Venture Partners
Super Evil Megacorp develops and publishes multiplayer action games.
GamingSan Mateo, US
Robert J. Daly, Jr.(Executive Officer, Director)Kristian Segerstrale(Founder)inQingshuo Wang(Founder)inTommy Krul(Founder, Tech)inQ Wang(Founder, Design)Ian Fielding(CEO)in
Co-investorsAndreessen HorowitzCrosscut VenturesIndex VenturesGeneral CatalystLondon Venture PartnersSignia Venture Partners
Supercell develops mobile games including Clash of Clans, Clash Royale, Hay Day, Boom Beach, and Brawl Stars, designed for global audiences seeking engaging experiences on touch-based platforms.
ConsumerGamingHelsinki, FI
Ilkka Paananen(Founder)inLassi Leppinen(Founder)Mikko Kodisoja(Founder)Niko Derome(Founder)Petri Styrman(Founder)Visa Forsten(Founder)
Co-investorsAccelAtomicoHundreds CapitalIVP (Institutional Venture Partners)Lifeline VenturesLondon Venture Partners+4 more
Digiday is a media publication covering the digital advertising, marketing, and media industries, producing news, briefings, podcasts, and research reports.
AdTechMarketing TechMedia & EntertainmentBrooklyn, US
Yonatan Raz-Fridman(Executive Officer, Director)Kenneth Lamb(Director)Pedro Romi(Executive Officer, Director)
Co-investorsSilicon VenturesAream & Co.Griffin Gaming PartnersLightShed VenturesPowerhouse CapitalWarner Music Group
Supersolid is a mobile game studio that develops free-to-play simulation, merge, and .io titles across cooking, restaurant, life-sim, and multiplayer genres.
ConsumerGamingMedia & Entertainment
Co-investorsBoost Capital PartnersIndex VenturesSwordfish Investments
Tenor operates a GIF search engine and GIF Keyboard app that lets users find and share animated GIFs and reaction images across messaging and social platforms.
ConsumerCreator EconomyMedia & EntertainmentSocial
David McIntosh(Cofounder and CEO)in
Co-investorsKyber Knight CapitalMenlo VenturesRedpoint Ventures
Thndr Games develops mobile puzzle and card games, including Tetro Tiles (a tile-stacking puzzle game) and Club Bitcoin (a classic Solitaire game), where players can earn Bitcoin while playing.
ConsumerCrypto & Web3Gaming
Co-investorsBECO CapitalEndeavor CatalystJIMCOProsus VenturesY Combinator
THNDR develops skill-based mobile games where match outcomes depend on player performance rather than chance, offering competitive head-to-head play with real prizes.
ConsumerGaming
Co-investorsLightning VenturesFulgur Ventures
TinyBytes Games develops action games for mobile platforms with a focus on high-quality graphics and multiplayer gameplay.
ConsumerGamingSocial
Co-investorsLondon Venture Partners
Traplight is a game development studio that creates games with user-generated content (UGC) features, working on its own original IPs as well as titles built with high-profile brand partners.
Gaming
Co-investorsHeartcore CapitalEQT VenturesKorea Investment PartnersPlay VenturesSunstone Capital
A games studio that develops crime-themed gaming experiences across platforms, from mobile games to blockchain-based detective games.
ConsumerGamingMedia & Entertainment
Viker develops mobile games that integrate cryptocurrency rewards, allowing players to earn crypto while playing casual games.
Crypto & Web3Gaming
Co-investorsSwordfish Investments
ZBD is a payment service provider focused on disrupting payments in the gaming industry through globally compliant payment solutions.
Creator EconomyFintechGamingHoboken, US
Simon Cowell(Founder)inAndré Neves(Co-founder, CTO)inBen Cousens(Founder)Christian Moss(Founder)
BoardStephen McKeon(Director)inNicholas Brand(Director)
Co-investorsCollab+CurrencyFulgur VenturesTrammell Venture Partners (TVP)CadenzaLakestar
Zencargo is a digital freight forwarder whose AI-powered platform manages global supply chain operations, connecting orders, shipments, suppliers, carriers, and warehouses in one view with SKU-level tracking and predictive ETAs.
AI & Machine LearningLogistics & Supply ChainSaaSLondon, GB
Alex Hersham(Founder)inJan Riethmayer(Co-Founder)Richard Fattal(Co-Founder & CCO / Co-CEO)in
Co-investorsLocalGlobeLoric VenturesPICUS CAPITALSamos InvestmentsYttrium
Other
Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.
AuthenteqCaptaintvGumBugPlacemakeriffraffUmbraurnd
Exits · 7
7 acquisitions · showing 1SpaceApeacq. by Supercell
Portfolio news
latest coverage across their companiesSaf · finsmes.com · Jul 25, 2025
Principals & officers · per Companies House
what is this? ⓘDirector · British · since 2016
Director · Spanish · since 2016
Tarek Fuad Abuzayyad — 75–100% of shares, 75–100% of voting rights, right to appoint and remove directors
Frequently asked questions
- How many investments has Initial Capital made?
- Initial Capital has 71 tracked investments, 7 of which have exited, including 2 dated in the last 24 months.
- What stage does Initial Capital invest at?
- Initial Capital invests at the Seed, Series A stages.
- What sectors does Initial Capital focus on?
- Initial Capital focuses on Consumer, Crypto & Web3, Fintech, Gaming, SaaS.
- Where is Initial Capital located?
- Initial Capital is headquartered in London, GB.
- Does Initial Capital lead rounds?
- Yes, Initial Capital leads investment rounds.
- Who does Initial Capital co-invest with?
- Initial Capital most often shares deals with Fulgur Ventures, Sisu Game Ventures, Index Ventures, among 114 tracked co-investors.
Co-investors · 8
London Venture Partners (Lvp) is a gaming-focused venture capital fund that invests exclusively across the games ecosystem, backing companies in interactive entertainment, studios, content, technology, platforms, and services.
DN Capital is a global early-stage venture firm founded in 2000, investing in Seed, Series A and select Series B companies across Europe and North America.
EQT Ventures is the venture capital arm within the EQT platform, backing early-stage European founders building what it calls Generation-Defining Companies.
500 Global (formerly 500 Startups) is a venture capital firm whose flagship Silicon Valley strategy backs promising technology companies from pre-seed onward across a range of sectors and geographies.
Heartcore Capital is an early-stage venture capital firm backing European founders from inception. It invests in startups from inception through Series A, and also invests in web3 protocols from idea to liquid tokens.
Monk's Hill Ventures is a venture capital firm backing technology founders in Southeast Asia who aim to improve millions of lives.
Quvy is an AI-powered platform that automatically generates and tests video and static advertisements, ranking them by predicted performance before any real spending occurs. The service enables marketers to create multiple ad variations and identify winners in minutes at a fraction of traditional agency costs.
BASS Ventures is a venture capital firm, using band/music metaphors ('bands', 'bassists') to describe its portfolio and team. Its tagline translates roughly to making crazy dreams great.
Firms observed investing alongside Initial Capital, from public investor directories. Shared companies are the overlap with Initial Capital's recorded portfolio.
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