United Kingdom · Investor

Initial Capital

Last cheque observed Aug 2025. Silence since then is not evidence of inactivity: our sources miss unannounced rounds.

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QuietVC firm

Pre-seedSeedSeries AB2CConsumerB-to-c

Cheques on record
0%of best year0cheques in 12 months, 43 on record
Since the last cheque449days00hrs00min00sec
Median round$1.9MCheque size, as they say$25K – $5.0MRounds led0 of 43Sole investor8 roundsExits1 from the portfolioMostly inUnited States, 38%
Pitch Initial Capital

Initial Capital highlights

  1. 01

    43 rounds on record

  2. 02

    Mostly Seed and Series A: 78% of its rounds

  3. 03

    Sole investor in 8 rounds, median $1.9M

  4. 04

    1 exits from the portfolio

What they do

Our InvestmentsFrom their own website
Type
VC firm (from a list, unverified)
Cheque size
$25K – $5.0M as they say
Stages
Pre-seedSeedSeries ASeries BGrowth
Sectors
B2CConsumerB-to-c
Based in
London, United Kingdom
Cold pitches
Not stated

The record

Every round we can evidence, newest first43 appearances

  1. 2025

    1 round

  2. Aug
    Saf.moneyPre-seed · GT · LatamListUndisclosedWith 3 others
  3. 2019

    1 round

  4. Jul
    Surrogate.tvSeed · FI · Tech.eu$2.0MWith 3 others
  5. 2018

    2 rounds

  6. Nov
    ShipsiSeed · US · Labusinessjournal$1.9MWith 2 others
  7. Oct
    TinyBytesCL · Gamesindustry$1.4MWith 1 other
  8. 2017

    1 round

  9. Feb
    Armada InteractiveSeed · FI · FinSMEs$10MWith 4 others
  10. 2015

    12 rounds

  11. Dec
    TrapLight GamesVenture · FI$1.4MWith 2 others
  12. Nov
    OppexSeries A · FI$2.3MWith 1 other
  13. Nov
    Code KingdomsSeed · GB$1.4MWith 3 others
  14. Oct
    UmbraSeries A · CA$3.4MWith 1 other
  15. Sept
    BUXVenture · NL$1.9MWith 1 other
  16. Sept
    BUXVenture · NL$1.9MSole investor
  17. Aug
    Resolution GamesSeries A · SE$6.0MWith 4 others
  18. Aug
    Super Evil Mega CorpSeries B · US$26MWith 8 others
  19. Jun
    VelocitySeries A · GB$12MWith 3 others
  20. Jun
    WINKO GamesSeed · ES$1.4MWith 2 others
  21. Jun
    Ministry of Games - MOGSeed · FI$2.0MWith 3 others
  22. Apr
    Samba AdsSeries A · BR$1.0MWith 3 others
  23. 2014

    6 rounds

  24. Dec
    QuikklySeed · GB$1.0MSole investor
  25. Dec
    Space ApeVenture · US$7.1MWith 4 others
  26. Dec
    Space ApeSeries C · US$7.0MWith 3 others
  27. Nov
    RiffsySeed · US$3.5MWith 3 others
  28. Jul
    JuiceBox GamesSeed · US$2.5MWith 5 others
  29. Mar
    AppGyverSeed · US$2.5MWith 1 other
  30. 2013

    8 rounds

  31. Nov
    SupersolidGB · finsmes.comUndisclosedWith 1 other
  32. Oct
    BergSeed · GB · finsmes.com$1.3MWith 2 others
  33. Oct
    BetterDoctorSeed · US · techcrunch.com$2.6MWith 7 others
  34. Oct
    Super Evil Mega CorpUSUndisclosedWith 2 others
  35. Apr
    PeakSeed · GB · pocketgamer.biz$1.8MWith 9 others
  36. Mar
    StartupiSeed · US · techcrunch.com$300KWith 2 others
  37. Mar
    basico.comSeed · BR · techcrunch.com$500KWith 2 others
  38. Feb
    Samba AdsSeed · BR · finsmes.com$500KWith 4 others
  39. 2012

    7 rounds

  40. Nov
    Emprego LigadoSeed · BRUndisclosedWith 2 others
  41. Aug
    Space ApeGrowth · US · sec.gov$2.6MSole investor
  42. Jul
    eeGeoGrowth · GB · sec.gov$4.3MSole investor
  43. Mar
    PlyfeSeed · US · finsmes.com$1.0MWith 3 others
  44. Feb
    YazinoCHUndisclosedSole investor
  45. Feb
    OngageUSUndisclosedSole investor
  46. Jan
    NexmoSeed · GB · techcrunch.com$500KSole investor
  47. 2011

    4 rounds

  48. Sept
    SwrveSeed · US · venturebeat.com$2.7MWith 4 others
  49. Jul
    EvozSeed · US · techcrunch.comUndisclosedSole investor

An announcement gives the size of the round, not the size of this investor's cheque: the only rounds that imply a cheque are those where they were the sole named investor.

The team

We hold 5 people at this firm from the lists this database was built from: a weaker source than the filings, since a list does not say when a title ended. Login to see them.

What they claim to have backed

From their own portfolio page (on their website)

27 of 59 we have independently watched raise

ANTIDOTE BTC INCUBATORAppGyverAuthenteqCode KingdomsDividoGAMEEMedalNexmoOngageOrder Of MetaPokPolystreamQuikklyResolutionSanloShipsiSingaSpaceApeSuper Evil MegacorpSupercellSupersolidSwrveTHNDR GAMES EarnVikerZencargojoltzriffraffAmihanBIPA A BrazilianBetterdoctorBipaBringinCaptaintvCore LoopCowlabsDazzleRocksFARM FRENSGetalbyHutchMagicMagmaticMionNetspeakOysterPayPerQPeakPlacemakePresenceSupersocialSwap stablecoins toTinyBytesTraplightUmbraZBD WALLET ConnectZebedeeflashjan.jpgsafurnd

Weaker than a round we watched, stronger than a list somebody sold us. A firm is far less willing to put a company on its own site that it never funded.

Exits from the portfolio

Companies it backed that were later bought or listed1 in all

SupercellBought by SoftBank$1.5BOct 2013

An exit counts when it came after the firm's first round in the company. From historical deal records.

Who they invest alongside

The investors most often in the same rounds as Initial Capital. A count of rooms they were both in, not a relationship either has claimed.

Index VenturesVC firm7rounds togetherLondon Venture PartnersVC firm6rounds together500 GlobalAngel4rounds togetherLifeline VenturesVC firm4rounds togetherAccelVC firm3rounds togetherConnect VenturesVC firm3rounds togetherGeneral CatalystVC firm3rounds togetherCreandumVC firm2rounds togetherCrossCut VenturesVC firm2rounds togetherJohn RiccitielloAngel2rounds togetherNorthzoneVC firm2rounds togetherOpenOceanVC firm2rounds together

Recently backed

The latest companies Initial Capital put money into.

Shipsi$1.9M · Nov 2018TinyBytes$1.4M · Oct 2018Armada Interactive$10M · Feb 2017

Quick answers about Initial Capital

What does Initial Capital invest in?

Initial Capital invests most often at Seed and Series A (78% of the rounds on record), in sectors such as B2C, Consumer and B-to-c.

How active is Initial Capital?

43 investments on record, 0 of them in the last 12 months. The most recent was in Aug 2025.

What has Initial Capital invested in recently?

Its most recent investments on record: Saf.money (Pre-seed, Aug 2025), Surrogate.tv (Seed, Jul 2019) and Shipsi (Seed, Nov 2018).

How big are Initial Capital's cheques?

The median round it joins is $1.9M. It says it writes cheques of $25K to $5.0M.

Does Initial Capital lead rounds?

Rarely, if at all: none of its 43 investments on record names it as the lead.

Where does Initial Capital invest?

Most of the companies it backs are in the United States (38%), the United Kingdom (20%) and Finland (13%).

Is Initial Capital investing now?

No investments in the last 12 months; the latest was in Aug 2025.

Who does Initial Capital invest alongside?

Most often Index Ventures (7 rounds together), London Venture Partners (6 rounds together) and 500 Global (4 rounds together).

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Built from the rounds we watched, its filings and its own website, refreshed every night. How we count · Report a correction · Is this your firm? Claim it