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Photo by Clive Brunskill/Getty Images)

Reddit co-founder Alexis Ohanian is moving on from Initialized, the venture capital firm he co-founded in 2012, Axios has learned.

What happened: Ohanian has become more interested in "pre-seed" investing, which is often little more than a business plan and a founding team, whereas Initialized focuses on traditional "seed-stage" investing.

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.

Go deeper

Miriam Kramer, author of Space
42 mins ago - Science

Biden's military space future

Illustration: Eniola Odetunde/Axios

President-elect Joe Biden should anticipate major and minor conflicts in space from even the earliest days of his presidency.

The big picture: President Donald Trump's military and civil space policies are well-documented, but Biden's record and views on space are less clear.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Coronavirus may have been in U.S. in December 2019, study finds — Hospital crisis deepens as holiday season nears.
  2. Politics: Bipartisan group of senators unveil $908 billion COVID stimulus proposalFDA chief was called to West Wing to explain why agency hasn't moved faster on vaccine — The words that actually persuade people on the pandemic
  3. Vaccine: Moderna to file for FDA emergency use authorizationVaccinating rural America won't be easy — Being last in the vaccine queue is young people's next big COVID test.
  4. States: Cuomo orders emergency hospital protocols as New York's COVID capacity dwindles.
  5. World: European regulators to assess first COVID-19 vaccine by Dec. 29
  6. 🎧 Podcast: The state of play of the top vaccines.

Bipartisan group of senators unveils $908 billion COVID stimulus proposal

Sens. Joe Manchin (D-W.Va.) and Susan Collins (R-Maine) in the Capitol in 2018. Photo: Tom Williams/CQ Roll Call

A bipartisan group of senators on Tuesday proposed a $908 billion coronavirus stimulus package, in one of the few concrete steps toward COVID relief made by Congress in several months.

Why it matters: Recent data shows that the economic recovery is floundering as coronavirus cases surge and hospitals threaten to be overwhelmed heading into what is likely to be a grim winter.