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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

Dead malls get new life

Illustration: Aïda Amer/Axios

Malls are becoming ghosts of retail past. But the left-behind real estate is being reimagined for a post-pandemic world.

Why it matters: As many as 17% of malls in the U.S. "may no longer be viable as shopping centers and need to be redeveloped into other uses," per Barclays.

White House now says Biden will move to increase refugee cap by May 15

Photo: Chip Somodevilla/Getty Images

The White House on Friday afternoon said President Biden plans to lift the Trump-era refugee cap by May 15.

Driving the news: The announcement follows stinging criticism from several Democrats and rights groups, who said Biden was walking back on his pledge to raise the limit. Earlier Friday, Biden signed a directive to speed up the processing of refugees, but kept the Trump administration's historically low cap of 15,000 refugees for this year.

Updated 1 hour ago - Politics & Policy

Suspect in FedEx shooting identified as 19-year-old former employee Brandon Hole

Crime scene investigators walk through the FedEx parking lot in Indianapolis the day after a mass shooting left nine dead, including the gunman, who took his own life. Photo: Jeff Dean/AFP via Getty Images.

The suspected gunman who killed at least eight people and wounded several others in Indianapolis before killing himself has been identified by local police as 19-year-old Brandon Hole, a former FedEx employee, a company spokesperson told the AP.

The latest: At least 100 people were in the FedEx warehouse at the time of the shooting, authorities said Friday. Indianapolis Metropolitan Police Department Deputy Chief Craig McCartt told reporters that Hole worked at FedEx through 2020. He did not specify the circumstances of Hole’s departure.