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

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 4 p.m. ET: 19,720,406 — Total deaths: 728,176 — Total recoveries — 11,970,444Map.
  2. U.S.: Total confirmed cases as of 4 p.m. ET: 5,032,299 — Total deaths: 162,751 — Total recoveries: 1,643,118 — Total tests: 61,080,587Map.
  3. Politics: Pelosi says states don't have the funds to comply with Trump's executive order on unemployment — Mnuchin says Trump executive orders were cleared by Justice Department.
  4. Public health: Ex-FDA head: U.S. will "definitely" see 200,000 to 300,000 virus deaths by end of 2020 — Fauci says chances are "not great" that COVID-19 vaccine will be 98% effective.
  5. Schools: Nine test positive at Georgia school where photo showing packed hallway went viral — How back-to-school is playing out in the South as coronavirus rages on.

Poll shows Biden leading Trump in Wisconsin and Pennsylvania

Photo: Doug Mills-Pool/Getty Images

Joe Biden leads President Trump 48% to 42% in Wisconsin and 49% to 43% in Pennsylvania, according to the latest CBS/YouGov Battleground Tracker poll.

Why it matters: Trump's surprise wins in the two states, where many voters broke his way after deciding the week before the election, helped propel him to an Electoral College victory over Hillary Clinton. Trump won Wisconsin with 47% of the vote and Pennsylvania with 48% in 2016, according to the New York Times.

Blumenthal calls classified briefing on Russian interference "absolutely chilling"

Sen. Richard Blumenthal (D- Conn.) called on the Trump administration to declassify intelligence detailing Russian efforts to influence the 2020 elections, telling MSNBC on Sunday that the classified briefing lawmakers received about the Kremlin's activities last week was "absolutely chilling."

The big picture: National Counterintelligence and Security Center Director William Evanina said in a statement Friday that the Russian government is "using a range of measures" to "denigrate" Joe Biden ahead of the election. China and Iran would prefer that Trump is defeated, according to Evanina.