New York angel investors Alexis Ohanian, Garry Tan and Harj Taggar raised $39 million to invest in tech startups, according to an SEC filing.
Their joint fund is known as Initalized Capital; given the background of the three partners, it’s likely that the funds are intended for early-stage startups, primarily consumer-focused.
Ohanian is best known as the cofounder of Reddit, but he also helped launch social travel site Hipmunk and social enterprise BreadPig. Recent seed investments include music startup Patreon and educational gaming startup Hullabalu.
Tan and Taggar are also serial entrepreneurs behind companies like Posterous, PostHaven and Auctomatic (acquired by Live Current Media). All three started companies in their twenties.
The partners are also ambassadors for elite accelerator, Y Combinator (“YC”), and serve as mentors to many of the founders. Taggar and Tan are also partners in the YC fund.
The fund won’t exclusively invest in YC founders, although they will have unrivaled access to the most promising startups in current and forthcoming batches. This is the second Initialized fund; for the first, the partners raised $7 million.
We have reached out for Ohanian for comment and will let you know when we learn more.