Initial Capital
Venture capitalInactiveLondon · Pre-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.
Find your way into Initial Capital
717 people in our graph share verified history with the Initial Capital team — schools, employers, funds. One of them is your warm intro.
Investment thesis
Initial Capital backs seed and early-stage technology companies, placing particular emphasis on the Bitcoin ecosystem alongside games, consumer products, and technology enablers. Rather than operating as a traditional venture fund, the firm describes itself as a group of serial entrepreneurs who partner hands-on with founding teams to build global category leaders. It stresses that early-stage fundraising is about more than capital, offering ongoing guidance across product, technology, recruitment, and growth, drawing on the team's own operating experience.
Source: firm website, verified Aug 3, 2026.
Team · 4 people
from curated & public directoriesWhat they invest in
from 54 of 66 portfolio companiesGaming ×29Consumer ×15Crypto & Web3 ×14Fintech ×13SaaS ×12Media & Entertainment ×8AI & Machine Learning ×7Developer Tools ×4
HQs:United States×14United Kingdom×4Finland×2Brazil×1Czechia×1European Union×1
Who they back
founder profiles across 27 portfolio companiesFounding team size:solo founder×162 founders×63 founders×44+ founders×1
Where their founders studiedfrom 25 founders with education data
The London School of Economics and Political Science (LSE) ×4
What their founders studiedfrom 22 founders with field-of-study data
Computer Science ×8Economics ×5Business & Management ×4Engineering ×3Humanities ×2
Where their founders worked beforefrom 27 founders with career history
Electronic Arts ×2Luminary Life Sciences ×2Nokia ×2Riot Games ×2Supercell ×2
1 hold an MBA (of 26 with degree data)
Investments · 66 tracked
founders shown can be your intro pathBy year:2026 · 12024 · 12020 · 22016 · 22014 · 12012 · 18 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-investorsHash3 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)Brandon 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 HealthHealthtechSaaSSan Francisco, US
Ari Tulla(Executive Officer, Director)inTapio Tolvanen(Director)in
BoardMohamad Makhzoumi(Director)Jean-Francois Clavier(Director)Jaakko Kokko(Director)in
Co-investorsCommerce VenturesHealth Catalyst CapitalLifeline VenturesMetaplanetTEXO VenturesUncork Capital
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-investorsHivemind Ventures, LlcSTILLMARK
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 FirstSparkLabs 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
Joonas Jokela(Founder)Stella Wang(Founder)
Co-investorsbyFoundersSisu Game VenturesSpintop Ventures
Whitelabel buy-now-pay-later platform for retail finance at the point of sale.
Christer Holloman(Founder)Todd Latham(CEO)
Co-investorsDawn CapitalDG Daiwa VenturesDN CapitalFINTECH CircleGlobal BrainGreen Shores Capital+8 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.
AdTechCrypto & Web3Gaming
Miroslav Chmelka(Co-founder, CTO)inBozena Rezab(Co-Founder)Martin Zakovec(CEO)in
Co-investorsAnimoca Brands3VCEmfarsisPentos VenturesCredo VenturesIndex Ventures
GAMEE builds Telegram-based games, operating a mini app with 60+ proprietary games and a social gaming layer that connects players to Web3 and its $GMEE token-powered ad network.
AI & Machine LearningCrypto & Web3Gaming
Miroslav Chmelka(Co-founder, CTO)inBozena Rezab(Co-Founder)Martin Zakovec(CEO)inMartin Navratil(CMO)
Co-investorsAnimoca Brands
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-investorsColopl 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 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 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 Ventures
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 EdisonHorizons VenturesJoyance PartnersOMERS Ventures+3 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 EquityLong Ridge Equity PartnersThe Argentum Group
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)
Co-investorsCrit VenturesPlay VenturesThe Games Fund
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(Executive Chairman)inJack Mardack(Founder)inHadi Moussa(CEO)in
Co-investorsAcadian Ventures Management, LlcAtento CapitalAvid VenturesEmergence Capital PartnersG2 Venture PartnersStripes+1 more
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-investorsLifeline 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 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
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)in
Co-investorsBitkraft Esports VenturesBonnier CapitalColopl NextMizMaa Venturesnode.vcPresence Capital+3 more
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.
ConsumerMedia & EntertainmentSocial
David McIntosh(Cofounder and CEO)in
Co-investorsKyber Knight CapitalRedpoint Ventures
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
Co-investorsGFR FundIndex VenturesChemistryPortag3 Ventures
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.Supply 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-investorsSisu 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(Executive Officer, Director)John Earner(Executive Officer, Director)
BoardMichael Treskow(Director)
Super Evil Megacorp develops and publishes multiplayer action games.
GamingSan Mateo, US
Robert J. Daly, Jr.(Executive Officer, Director)Kristian Segerstrale(Executive Officer, Director)inQingshuo Wang(Founder)inTommy Krul(Founder, Tech)inQ Wang(Founder, Design)Ian Fielding(CEO)in
Co-investorsAndreessen HorowitzCrosscut VenturesIndex VenturesSignia 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)in
Co-investorsAccelHundreds CapitalIVP (Institutional Venture Partners)Lifeline VenturesLondon Venture PartnersMoonfire Ventures+3 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
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
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-investorsEQT VenturesHeartcore CapitalKorea 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(Co-founder, CEO)inAndré Neves(Co-founder, CTO)in
BoardStephen McKeon(Director)inNicholas Brand(Director)David Osojnik(Director)
Co-investorsCollab+CurrencyFulgur VenturesTrammell Venture Partners (TVP)Cadenza
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-investorsPICUS CAPITALSamos InvestmentsYttrium
Other
Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.
AuthenteqCaptaintvPlacemakeriffraffUmbra
Exits · 5
5 acquisitions · showing 1SpaceApeacq. by Supercell
Portfolio news
latest coverage across their companies
Magic · cbs12.com · Sep 11, 2026

Hutch · citizenjournal.us · Sep 10, 2026

Supercell · respawn.outlookindia.com · Jul 18, 2026

Peak · bignewsnetwork.com · Jul 17, 2026
Amihan · startupintros.com · Jul 13, 2026
Pok Pok · thestoryexchange.org · Jul 8, 2026

Medal · baltimoresun.com · Jul 3, 2026
TinyBytes · gamesbeat.com · May 28, 2026
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 66 tracked investments, 5 of which have exited, including 1 dated in the last 24 months.
- What stage does Initial Capital invest at?
- Initial Capital invests at the Pre-Seed, Seed, Series A stages.
- What is Initial Capital's typical check size?
- Initial Capital typically writes checks of $25K – $5M.
- What sectors does Initial Capital focus on?
- Initial Capital focuses on Consumer, Crypto & Web3, 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 Sisu Game Ventures, Index Ventures, Lifeline Ventures, among 90 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.
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.
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.
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.
Monk's Hill Ventures is a venture capital firm backing technology founders in Southeast Asia who aim to improve millions of lives.
BASS Ventures is a venture capital firm that positions itself as a supportive partner playing alongside founders to help realize ambitious ('crazy') dreams.
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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Expansion Venture Capital is an entrepreneur-led venture capital firm that invests early in founders building technology companies, providing both financial and operational support.
Palsar Ventures is an early-stage venture firm founded by entrepreneurs with experience building, scaling and selling online companies. It backs startups early and supports portfolio companies with the design, launch and scaling of digital products and services.
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