Garry Tan, Co-founder & Managing Partner, Initialized Capital. Photo credit: Seb Daly/Web Summit via Sportsfile, under Creative Commons license

Venture capital firm Initialized Capital has closed a $230 million seed fund that marks the firm’s fifth dedicated fund. The new fund brings Initialized’s total assets under management to more than $770 million. The new fund, Initialized’s biggest yet, comes eight years after the firm closed its first fund and four years after it closed its first big fund of $125 million.

Initialized’s new raise comes on the heels of the venture capital firm having backed several big-name technology companies. The venture capital firm had earlier invested in companies including Ro and Rippling, which both recently secured funding at billion-dollar-plus valuations. Other notable companies backed by Initialized include the likes of Coinbase, Instacart, Standard Cognition, Flexport, and Opendoor.

Initialized Capital is a venture capital firm founded by investors Garry Tan and Alexis Ohanian, the latter best known for co-founding Reddit.

Related:

• Rippling Nabs $145 Million Series B
• Ro Raises Extra $200 Million