Reddit co-founder Alexis Ohanian has begun meeting with investors to raise money for a new venture firm following his departure from Initialized Capital, the early-stage investing fund he co-founded, according to two people familiar with the matter.
Ohanian in June said he was leaving Initialized, which backed high-valued startups such as Instacart, Coinbase and Opendoor in their early years. He now plans to raise more than $100 million for the fund, which will focus on pre-seed and seed investments, one person said. The new effort stands to capitalize on his brand and connections to attract startup founders, who are increasingly seeking out well-known individual investors rather than established firms.