🦊/Investors

Initial Capital

Venture capitalInactive

London · 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.

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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.

Stage
Pre-Seed–Series A
Check
$25K – $5M
HQ
London, TX, GB
Leads rounds
Leads
Instruments
Equity
Founded
2016
Last 12 months
1 investment
Tracked investments
66
Acquisitions
5

Team · 4 people

from curated & public directories
Mayra Tama· Principalin

What they invest in

from 54 of 66 portfolio companies

Gaming ×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 companies
59%
solo founders
16 of 27 mapped founding teams
56%
repeat founders
of 27 founders with career history

Founding 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 path

By year:2026 · 12024 · 12020 · 22016 · 22014 · 12012 · 18 dated

Paywithflashpaywithflash.com✓ verified

Flash provides a Bitcoin subledger system for mining operations and businesses, with plans to expand into payments and treasury management.

Crypto & Web3Enterprise SoftwareFintechSaaSNewark, US

Albygetalby.com𝕏

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

Amihanamihan.ggin𝕏

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

Antidoteantidote.bizin𝕏

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)

Co-investorsLakestarLegalTech

AppGyverappgyver.cominDec 2016Acquired

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

Betterdoctorquestanalytics.comin𝕏Jun 2014

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

Bipabipa.appin𝕏

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

Bringinbringin.xyzin𝕏

Bringin is a Bitcoin-to-euro platform offering a self-custody Lightning wallet, a personal virtual IBAN for instant bank transfers, and Visa debit cards that let users spend Bitcoin at merchants worldwide.

Crypto & Web3Fintech

Prashanth C(Founder & CEO)

Buxgetbux.com𝕏

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 Kingdomscodekingdoms.cominAcquired

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 Loopcoreloop.aiin

Core Loop is a fully remote game studio focused on building multiplayer online games.

Gaming

Co-investorsAndreessen HorowitzSisu Game Ventures

Cowlabscowlabs.xyzin

Cowlabs is a product studio that builds and operates its own software products and also embeds as operational co-founders for other companies, handling product design, engineering, user acquisition, and growth.

Developer ToolsSaaS

Creaturecreaturestudio.comin

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

DazzleRocksdazzle.rocks

Joonas Jokela(Founder)Stella Wang(Founder)

Co-investorsbyFoundersSisu Game VenturesSpintop Ventures

Dividodivido.com

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

Egodeathegodeath.capital

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 Frensfarmfrens.com𝕏

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

Gameegamee.com𝕏

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

GAMEEgameeapp.com𝕏

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

Hutchhutchgames.comin𝕏

Hutch Games develops mobile car games focused on strategy and skill gameplay.

GamingLondon, GB

Co-investorsBackedIndex VenturesModern Times Group

Immersvimmersv.co

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

Jan3jan3.comin𝕏

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

Joltzjoltz.app

Glen Allen, US

Ian Major(Founder)

Lendasatlendasat.comMar 2026

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

Magicmagicdoasyouwill.com

Magic DAYW Inc. is developing a mobile game.

Gaming

Co-investorsBAI capitalHongShan Capital GroupHyT CapitalIDG Capital

Magmaticmagmatic.gamesinAcquired

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

Medalmedal.tv𝕏Apr 2016

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

MessageGearsswrve.com

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

Mionmion.groupin

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

Netspeaknetspeakgames.comin𝕏Jan 2020 · $12M

Netspeak Games is a remote-first games studio that develops social games.

GamingSocialLondon

Callum Brighting(Director)in

Co-investorsMakers FundProject A VenturesLakestar

Nexmonexmo.comJan 2012

Palo Alto, US

Tony Jamous(Executive Officer)

Co-investorsTitanium VenturesIntel Capital

Ongageongage.comin𝕏

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

Oppexoppex.com

Finnish business information company offering a web-based service for finding public sector business opportunities across borders.

Co-investorsOpenOcean

Order Of Metaorderofmeta.comin

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

Oysteroysterhr.comin𝕏

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

PayPerQppq.ai

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

Peakpeak.net𝕏

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 Pokplaypokpok.com𝕏Mar 2024 · $3M

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

Polystreampolystream.comin𝕏

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

Presencepresencesleep.comin

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

Quikklyquikklycodes.com

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 Gamesresolutiongames.comin𝕏

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

Riffsytenor.comin𝕏

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

Safsaf.money

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

Sanlosanlo.ioin

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

Satorasatora.ioin𝕏

Satora offers a developer SDK for non-custodial atomic swaps between Bitcoin (including Lightning) and stablecoins such as USDC and USDT across major EVM chains.

Crypto & Web3Developer ToolsFintech

Shipsishipsi.comin𝕏

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

Singasinga.com𝕏

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

SpaceApespaceapegames.comacquired by Supercell

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)

Co-investorsAccelNorthzone

Super Evil MegaCorpsuperevilmegacorp.comin𝕏

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

Supercellsupercell.comAcquired

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

Supersocialin𝕏Oct 2020 · $5.2M

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

Supersolidsupersolid.com

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

Thndrthndr.games𝕏

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

TinyBytestiny-bytes.comin𝕏

TinyBytes Games develops action games for mobile platforms with a focus on high-quality graphics and multiplayer gameplay.

ConsumerGamingSocial

Co-investorsLondon Venture Partners

Traplighttraplightgames.comin𝕏

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

Unsolved Studiosunsolvedstudios.comin

A games studio that develops crime-themed gaming experiences across platforms, from mobile games to blockchain-based detective games.

ConsumerGamingMedia & Entertainment

Viker Limitedviker.co.ukin𝕏

Viker develops mobile games that integrate cryptocurrency rewards, allowing players to earn crypto while playing casual games.

Crypto & Web3Gaming

Co-investorsSwordfish Investments

Zbdzbd.ggin𝕏

ZBD is a fintech platform that handles the money lifecycle in games—from player purchases and in-game economies to payouts and creator withdrawals.

FintechGaming

André Neves(Founder)in

Co-investorsLemniscapRaptor Group

Zebedee Privatezebedee.ioin𝕏

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

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 1

SpaceApeacq. by Supercell

Portfolio news

latest coverage across their companies

Principals & officers · per Companies House

what is this? ⓘ
Tarek Fuad Abuzayyad

Director · British · since 2016

Alvaro Alvarez Del Rio

Director · Spanish · since 2016

Ownership & control

Tarek Fuad Abuzayyad75–100% 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

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

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.

Both backed · 1
$100K – $22M
EQT Ventures

EQT Ventures is the venture capital arm within the EQT platform, backing early-stage European founders building what it calls Generation-Defining Companies.

Both backed · 1
$2M – $50M
Heartcore Capital

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.

Both backed · 1
500 Global

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.

$150K
AppOnboard

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.

$9.99
Monk's Hill Ventures

Monk's Hill Ventures is a venture capital firm backing technology founders in Southeast Asia who aim to improve millions of lives.

$700K – $30M
Bass Investment

BASS Ventures is a venture capital firm that positions itself as a supportive partner playing alongside founders to help realize ambitious ('crazy') dreams.

$523K – $20M

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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