Fundraising Fox

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
63

Team · 4 people

from curated & public directories
Mayra Tama· Principalin

What they invest in

from 49 of 63 portfolio companies

Gaming ×26Consumer ×14Fintech ×13Crypto & Web3 ×12SaaS ×12AI & Machine Learning ×7Media & Entertainment ×6Developer Tools ×4

HQs:United States×12United Kingdom×3Finland×2Brazil×1Czechia×1European Union×1

Who they back

founder profiles across 25 portfolio companies
52%
solo founders
13 of 25 mapped founding teams

Founding team size:solo founder×132 founders×83 founders×4

Investments · 63 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)Paul Loy(Founder)

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 & Web3PropTech

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)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

Authenteqauthenteq.com

Co-investors3VC

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)Tapio Tolvanen(Director)

BoardMohamad Makhzoumi(Director)Jean-Francois Clavier(Director)Jaakko Kokko(Director)

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 Ventures

Captaintvcaptain.tv
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

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

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+6 more

Egodeathegodeath.capital
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

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)Bozena Rezab(Co-Founder)Martin Zakovec(CEO)Martin 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

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)HRH 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

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

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

GamingSocialLondon

Callum Brighting(Director)

Co-investorsMakers FundProject A Ventures

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)Ofer Shani(President & General Manager / Co-Founder)

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)Hadi Moussa(CEO)

Co-investorsAcadian Ventures Management, LlcAtento CapitalAvid VenturesEmergence Capital PartnersG2 Venture PartnersStripes

PayPerQppq.ai𝕏

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

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

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 V4Konvoy 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)Jordan Riggs(Co-Founder)

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)Tommy Palm(Founder)

Co-investorsBitkraft Esports VenturesBonnier CapitalColopl NextMizMaa Venturesnode.vcPresence Capital+2 more

riffraffriffraff.ai
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)

Co-investorsKyber Knight Capital

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 VenturesPortag3 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

ConsumerGamingMedia & Entertainment

Co-investorsAccel

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)Qingshuo Wang(Founder)

BoardBenjamin Holmes(Director)Adam Valkin(Director)Stephan Sherman(Director)

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

IlkkaIlkka Paananen(Founder)in

Co-investorsAccelHundreds CapitalIVP (Institutional Venture Partners)Lifeline VenturesLondon Venture PartnersMoonfire Ventures+2 more

Supersocialin𝕏Oct 2020

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 Ventures

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

TinyBytestiny-bytes.comin𝕏

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

ConsumerGamingSocial

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-investorsPlay Ventures

Umbraumbra3d.com

Co-investorsLifeline VenturesSisu Game Ventures

Unsolved Studiosunsolvedstudios.com

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

Exits · 1

IPOs and acquisitions across the tracked portfolio

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 61 tracked investments, 2 of which have exited via acquisition or IPO.
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 88 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.

Both backed · 2
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.

$2M – $50M
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
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.

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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