# Initial Capital: portfolio, investments and team

> Initial Capital is a vc firm based in United Kingdom. 43 investments on record, latest Aug 2025. Portfolio, stages, co-investors and team.

Source: https://millionrounds.com/fund/initial-capital (Millionrounds; every figure on the page links to its filing or article)

United Kingdom · [Investor](https://millionrounds.com/investors)

# Initial Capital

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

Email

Quiet VC firm

Pre-seed Seed Series A B2C Consumer B-to-c

Follow Initial Capital and see its new cheques in your feed. [Start following](https://millionrounds.com/login?join=1&why=follow&next=%2Ffund%2Finitial-capital)

Cheques on record

**0%** of best year **0** **cheques in 12 months**, 43 on record

Since the last cheque **449** days **00** hrs **00** min **00** sec

Median round **$1.9M** Cheque size, as they say **$25K – $5.0M** Rounds led **0 of 43** Sole investor **8 rounds** Exits **1 from the portfolio** Mostly in **United States, 38%**

Pitch Initial Capital

## Initial Capital highlights

- 01 43 rounds on record
- 02 Mostly Seed and Series A: 78% of its rounds
- 03 Sole investor in 8 rounds, median $1.9M
- 04 1 exits from the portfolio

## What they do

> Our Investments From their own website

- **Type:** VC firm (from a list, unverified)
- **Cheque size:** $25K – $5.0M as they say
- **Stages:** Pre-seed Seed Series A Series B Growth
- **Sectors:** B2C Consumer B-to-c
- **Based in:** London, United Kingdom
- **Cold pitches:** Not stated

## The record

Every round we can evidence, newest first **43 appearances**

- **2025** 1 round
- **Aug** **[Saf.money](https://millionrounds.com/company/saf-money)** Pre-seed · GT · LatamList **Undisclosed** With 3 others
- **2019** 1 round
- **Jul** **[Surrogate.tv](https://millionrounds.com/company/surrogate-tv)** Seed · FI · Tech.eu **$2.0M** With 3 others
- **2018** 2 rounds
- **Nov** **[Shipsi](https://millionrounds.com/company/shipsi)** Seed · US · Labusinessjournal **$1.9M** With 2 others
- **Oct** **[TinyBytes](https://millionrounds.com/company/tinybytes)** CL · Gamesindustry **$1.4M** With 1 other
- **2017** 1 round
- **Feb** **[Armada Interactive](https://millionrounds.com/company/armada-interactive)** Seed · FI · FinSMEs **$10M** With 4 others
- **2015** 12 rounds
- **Dec** **[TrapLight Games](https://millionrounds.com/company/traplight-games)** Venture · FI **$1.4M** With 2 others
- **Nov** **[Oppex](https://millionrounds.com/company/oppex)** Series A · FI **$2.3M** With 1 other
- **Nov** **[Code Kingdoms](https://millionrounds.com/company/code-kingdoms)** Seed · GB **$1.4M** With 3 others
- **Oct** **[Umbra](https://millionrounds.com/company/umbra)** Series A · CA **$3.4M** With 1 other
- **Sept** **[BUX](https://millionrounds.com/company/bux)** Venture · NL **$1.9M** With 1 other
- **Sept** **[BUX](https://millionrounds.com/company/bux)** Venture · NL **$1.9M** Sole investor
- **Aug** **[Resolution Games](https://millionrounds.com/company/resolution-games)** Series A · SE **$6.0M** With 4 others
- **Aug** **[Super Evil Mega Corp](https://millionrounds.com/company/super-evil-megacorp)** Series B · US **$26M** With 8 others
- **Jun** **[Velocity](https://millionrounds.com/company/velocity)** Series A · GB **$12M** With 3 others
- **Jun** **[WINKO Games](https://millionrounds.com/company/winko-games)** Seed · ES **$1.4M** With 2 others
- **Jun** **[Ministry of Games - MOG](https://millionrounds.com/company/ministry-of-games-mog)** Seed · FI **$2.0M** With 3 others
- **Apr** **[Samba Ads](https://millionrounds.com/company/samba-ads)** Series A · BR **$1.0M** With 3 others
- **2014** 6 rounds
- **Dec** **[Quikkly](https://millionrounds.com/company/quikkly)** Seed · GB **$1.0M** Sole investor
- **Dec** **[Space Ape](https://millionrounds.com/company/space-ape)** Venture · US **$7.1M** With 4 others
- **Dec** **[Space Ape](https://millionrounds.com/company/space-ape)** Series C · US **$7.0M** With 3 others
- **Nov** **[Riffsy](https://millionrounds.com/company/riffsy)** Seed · US **$3.5M** With 3 others
- **Jul** **[JuiceBox Games](https://millionrounds.com/company/juicebox-games)** Seed · US **$2.5M** With 5 others
- **Mar** **[AppGyver](https://millionrounds.com/company/appgyver)** Seed · US **$2.5M** With 1 other
- **2013** 8 rounds
- **Nov** **[Supersolid](https://millionrounds.com/company/supersolid)** GB · finsmes.com **Undisclosed** With 1 other
- **Oct** **[Berg](https://millionrounds.com/company/berg)** Seed · GB · finsmes.com **$1.3M** With 2 others
- **Oct** **[BetterDoctor](https://millionrounds.com/company/betterdoctor)** Seed · US · techcrunch.com **$2.6M** With 7 others
- **Oct** **[Super Evil Mega Corp](https://millionrounds.com/company/super-evil-megacorp)** US **Undisclosed** With 2 others
- **Apr** **[Peak](https://millionrounds.com/company/peak)** Seed · GB · pocketgamer.biz **$1.8M** With 9 others
- **Mar** **[Startupi](https://millionrounds.com/company/startupi)** Seed · US · techcrunch.com **$300K** With 2 others
- **Mar** **[basico.com](https://millionrounds.com/company/basico-com)** Seed · BR · techcrunch.com **$500K** With 2 others
- **Feb** **[Samba Ads](https://millionrounds.com/company/samba-ads)** Seed · BR · finsmes.com **$500K** With 4 others
- **2012** 7 rounds
- **Nov** **[Emprego Ligado](https://millionrounds.com/company/emprego-ligado)** Seed · BR **Undisclosed** With 2 others
- **Aug** **[Space Ape](https://millionrounds.com/company/space-ape)** Growth · US · sec.gov **$2.6M** Sole investor
- **Jul** **[eeGeo](https://millionrounds.com/company/eegeo)** Growth · GB · sec.gov **$4.3M** Sole investor
- **Mar** **[Plyfe](https://millionrounds.com/company/plyfe)** Seed · US · finsmes.com **$1.0M** With 3 others
- **Feb** **[Yazino](https://millionrounds.com/company/yazino)** CH **Undisclosed** Sole investor
- **Feb** **[Ongage](https://millionrounds.com/company/ongage)** US **Undisclosed** Sole investor
- **Jan** **[Nexmo](https://millionrounds.com/company/nexmo)** Seed · GB · techcrunch.com **$500K** Sole investor
- **2011** 4 rounds
- **Sept** **[Swrve](https://millionrounds.com/company/swrve)** Seed · US · venturebeat.com **$2.7M** With 4 others
- **Jul** **[Evoz](https://millionrounds.com/company/evoz)** Seed · US · techcrunch.com **Undisclosed** Sole 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 INCUBATOR](https://millionrounds.com/company/antidote)[AppGyver](https://millionrounds.com/company/appgyver)[Authenteq](https://millionrounds.com/company/authenteq)[Code Kingdoms](https://millionrounds.com/company/code-kingdoms)[Divido](https://millionrounds.com/company/divido)[GAMEE](https://millionrounds.com/company/gamee)[Medal](https://millionrounds.com/company/medal)[Nexmo](https://millionrounds.com/company/nexmo)[Ongage](https://millionrounds.com/company/ongage)[Order Of Meta](https://millionrounds.com/company/order-of-meta)[Pok](https://millionrounds.com/company/pok-pok)[Polystream](https://millionrounds.com/company/polystream)[Quikkly](https://millionrounds.com/company/quikkly)[Resolution](https://millionrounds.com/company/resolution-games)[Sanlo](https://millionrounds.com/company/sanlo)[Shipsi](https://millionrounds.com/company/shipsi)[Singa](https://millionrounds.com/company/singa)[SpaceApe](https://millionrounds.com/company/space-ape)[Super Evil Megacorp](https://millionrounds.com/company/super-evil-megacorp)[Supercell](https://millionrounds.com/company/supercell)[Supersolid](https://millionrounds.com/company/supersolid)[Swrve](https://millionrounds.com/company/swrve)[THNDR GAMES Earn](https://millionrounds.com/company/thndr)[Viker](https://millionrounds.com/company/viker)[Zencargo](https://millionrounds.com/company/zencargo)[joltz](https://millionrounds.com/company/joltz)[riffraff](https://millionrounds.com/company/riffraff) Amihan BIPA A Brazilian Betterdoctor Bipa Bringin Captaintv Core Loop Cowlabs DazzleRocks FARM FRENS Getalby Hutch Magic Magmatic Mion Netspeak Oyster PayPerQ Peak Placemake Presence Supersocial Swap stablecoins to TinyBytes Traplight Umbra ZBD WALLET Connect Zebedee flash jan.jpg saf urnd

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 listed **1 in all**

**[Supercell](https://millionrounds.com/company/supercell)** Bought by [SoftBank](https://millionrounds.com/fund/softbank) **$1.5B** Oct 2013

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

## The cheque

Pre-seed Seed Series A

Median round joined **$1.9M** the round, not its cheque Alone, median **$1.9M**

Led 0 of 43 rounds **0%**

- **Said size:** $25K – $5.0M
- **Sole investor:** 8 rounds
- **Last cheque:** Aug 2025
- **Exits:** 1 from the portfolio

Rounds by stage said on their site

- Seed said *22*
- Series A said *6*
- Venture *5*
- Growth said *2*
- Pre-seed said *1*
- Series B said *-*

Cheques by month Led Joined

Nov 2023 Oct 2026

Often in the room with

- [Index Ventures](https://millionrounds.com/fund/index-ventures) 7
- [London Venture Partners](https://millionrounds.com/fund/london-venture-partners) 6
- [500 Global](https://millionrounds.com/fund/500-startups) 4
- [Lifeline Ventures](https://millionrounds.com/fund/lifeline-ventures) 4
- [Accel](https://millionrounds.com/fund/accel) 3
- [Connect Ventures](https://millionrounds.com/fund/connect-ventures) 3

**Pitching Initial Capital?** Put them on your fundraising board with this record on the card, and follow them to hear when they write a new cheque.

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## 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 Ventures** VC firm **7** rounds together](https://millionrounds.com/fund/index-ventures)[**London Venture Partners** VC firm **6** rounds together](https://millionrounds.com/fund/london-venture-partners)[**500 Global** Angel **4** rounds together](https://millionrounds.com/fund/500-startups)[**Lifeline Ventures** VC firm **4** rounds together](https://millionrounds.com/fund/lifeline-ventures)[**Accel** VC firm **3** rounds together](https://millionrounds.com/fund/accel)[**Connect Ventures** VC firm **3** rounds together](https://millionrounds.com/fund/connect-ventures)[**General Catalyst** VC firm **3** rounds together](https://millionrounds.com/fund/general-catalyst)[**Creandum** VC firm **2** rounds together](https://millionrounds.com/fund/creandum)[**CrossCut Ventures** VC firm **2** rounds together](https://millionrounds.com/fund/crosscut-ventures)[**John Riccitiello** Angel **2** rounds together](https://millionrounds.com/fund/john-riccitiello)[**Northzone** VC firm **2** rounds together](https://millionrounds.com/fund/northzone)[**OpenOcean** VC firm **2** rounds together](https://millionrounds.com/fund/openocean)

## Recently backed

The latest companies Initial Capital put money into.

[**Shipsi** $1.9M · Nov 2018](https://millionrounds.com/company/shipsi)[**TinyBytes** $1.4M · Oct 2018](https://millionrounds.com/company/tinybytes)[**Armada Interactive** $10M · Feb 2017](https://millionrounds.com/company/armada-interactive)

## 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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