Scoop: Alexis Ohanian leaves VC firm Initialized

Why now: Initialized, led by Garry Tan, is beginning to raise its fifth flagship fund, as its $225 million fourth fund was raised two years ago.

• Don't be surprised to see Ohanian also raise a fund for his pre-seed efforts, although no word yet on how much he'll target.
• Ohanian also plans to remain involved with existing Initialized portfolio companies but won't make any new Initialized investments.

Backstory: Ohanian and Tan co-founded Initialized, but in 2014 he pulled back in order to retake the reins at Reddit. He then returned full-time in 2018 to Initialized, where his deals have included Goat, Ro, and Patreon.