
Initial Capital
Third Floor Berkeley Square House, Berkeley Square, London, W1J 6BU, United Kingdom
Overview
Initial Capital is an investor in seed and early-stage technology companies with a focus on games, consumer services and technology enablers. They are not a traditional VC fund - they are a group of serial entrepreneurs who invest their own money and actively partner with world class teams to build global category winners. Based out of London and Silicon Valley, they have played a key part in growing companies. Early stage fund raising is not just about money. It's about finding the best team around you to help with the ups and downs of the business and get ongoing advice on everything from product and tech to recruitment and growth. They know because they have been there.
- Total investments
- 56
- Lead investments
- 16
- Investments · 12mo
- 0
- Active investors
- 8
Sector focus
- Finance
- Financial Services
- Venture Capital
Investment portfolio
- Viker
Participated · Equity · Nov 2022
VIKER is a London-based mobile games studio that builds Play-and-Earn titles such as Solitaire and Who Wants To Be A Millionaire that integrate crypto rewards to let players earn Bitcoin. Its games aim to provide an easy, low-friction entry to blockchain for casual players, with no stressful sign-up required. The studio says its portfolio has seen over 80 million transactions across 100 countries. VIKER plans to use new funding to roll out Play-and-Earn technology, acquire licensing opportunities, grow its player base, and hire new studio talent. The company also intends to introduce an interoperable NFT series across its portfolio and launch a V-COIN currency, with more details due in coming weeks. Animoca Brands has publicly supported VIKER's consumer-friendly approach to onboarding casual mobile gamers to blockchain.
- Zebedee
Participated · Series B · Jul 2022
ZBD has built a vertically-integrated payments infrastructure that lets game developers and publishers embed instant fiat, bitcoin, and gift-card payouts or pay-ins natively within gameplay. Running on the Bitcoin Lightning Network, the platform already processes over 120 million transactions per year and has doubled the number of games using its SDK in the last 12 months through partners such as TapNation, Fumb Games, and PlayEmber. Its regulatory foundation now includes MiCAR and EMI licences in the Netherlands as well as Money Transmitter Licences in the United States, giving the company broad latitude to offer card issuance, bank transfers, virtual IBANs, and currency exchange services. During 2026 the firm plans to launch a complete compliance-ready payments stack for console, PC, and mobile titles, expanding across North America, Europe, LATAM, and APAC. Future product enhancements will add new developer tooling and deeper integrations to strengthen lifetime value and new revenue streams for publishers. Management positions ZBD as the only licensed provider that can deliver instant real-money earnings at scale in games, turning payments from a cost centre into a strategic capability. The company is pursuing global licensing expansion and larger commercial footprints to capitalize on its current product-market fit in mobile payouts.
- Pok Pok
Participated · Seed · Jun 2022
Pok Pok builds play-based learning experiences for preschoolers through its app Pok Pok Playroom, which offers 17 "digital toy" play experiences (drawing, shape interaction, dress-up, dinosaurs and more). The product was incubated inside Snowman and the team includes Mathijs Demaeght (VP of design), Esther Huybreghts (chief creative officer) and CEO Melissa Cash. Since its May 2021 debut the app has surpassed one million downloads, reached six-figure monthly recurring revenue, and the business has grown 5x year-over-year with a 9x increase in subscribers over the past year. Pok Pok previously raised a $3 million seed round and has now closed a $6 million Series A. With the new capital the company plans to expand to Android later this fall and add STEM-based activities targeted to the preschool crowd alongside its existing playful experiences. The team also made allocation changes and executed a second close to bring women investors onto the cap table. Pok Pok is a Toronto-based edtech startup that builds play-based digital learning experiences for young children after spinning out of Snowman in 2019. Its flagship product, Pok Pok Playroom, launched in May 2021 and features six open-ended "digital toys" designed to grow with children; the app is explicitly not a game. The team has 10 full-time employees and was founded by Mathijs Demaeght and Esther Huybreghts, with Melissa Cash as CEO and co-founder. Pok Pok plans to release three new digital toys in the next few months and is developing future products aimed at older kids. Recent product updates have included a Pride update to increase representation and diversity within the app. The company says it will use new funding to invest in marketing, ongoing development, maintenance of the app, and to broaden its product reach.
- Sanlo
Participated · Series A · Jun 2022
Sanlo offers small-to-medium game and app companies a technology stack of tools, predictive algorithms, and insights to manage finances and achieve scalable growth. When Sanlo determines a business could benefit from capital, it provides non-dilutive financing and does not take equity or charge compounding interest. The company collects product monetization, customer acquisition and retention, marketing, and a subset of financial data to monitor growth trajectories and surface insights. Sanlo was founded in 2020 by Olya Caliujnaia and William Liu and is based in San Francisco; it has a 15-person team and has onboarded select developers over the past 12 months, currently working with dozens of companies. The startup raised $10 million in a Series A led by Konvoy and previously announced $3.5 million in seed funding co-led by Index Ventures and Initial Capital. It plans to use the Series A to build more products for developers and expand its team, and has partnered with HCG Funds to expand its capital pool to $200 million to finance developers. Sanlo builds financial products and a proprietary analytics platform that help game and app developers understand financial health, decide where to deploy capital, and access financing. The offering targets small-to-mid-size mobile gaming and app companies and combines gaming and fintech expertise. Sanlo was founded in 2020 by Olya Caliujnaia and William Liu and is based in San Francisco with a team around the world. The company positions its tools as mission-critical "picks and shovels" to accelerate revenue trajectories and fiscal wellbeing for developers. It plans to use new funding to grow its team and continue building out its product suite ahead of a wider launch later this year.
- Core Loop
Participated · Equity · Nov 2021
Core Loop is building a sandbox MMO that combines traditional MMO social and systems design with Web3 elements, including a player-driven economy, optional blockchain currencies, and selective use of NFTs. The game will be free-to-play and targeted for both mobile and PC to allow casual daytime play and deeper sessions on PC. The studio emphasizes community-led systems where players can take on roles like merchants, blacksmiths, or land barons that interact with the blockchain economy while core gameplay (adventuring, raiding) remains playable without blockchain interaction. Founders Vincenzo Alagna and Dan Chao are industry veterans and have grown the remote team to about 15 people, with plans to add roughly 10 more in the next six months. The company previously raised $2.4M when it launched and has now secured additional capital to fund development. Core Loop is developing a cross-platform MMO that emphasizes player cooperation and community-driven world progression, with an AI director to chain events and make the world responsive. The studio was formed around the start of the pandemic and incorporated in September. The founding team of four includes veterans Vincenzo Alagna and Dan Chao, who previously worked at Funzio, Gree, and MachineZone and on multibillion-dollar games. The company plans to operate remotely with team members in the U.S., Japan, and New Zealand and expects to grow the core staff to roughly ten people. Core Loop is building its own backend infrastructure, will outsource much of the art, and aims for a community‑based free-to-play model with less aggressive monetization than past mobile titles.