Entrepreneur Alexis Ohanian is departing from Initialized Capital, a venture firm he co-founded back in 2011, Axios reported Friday.
Ohanian is leaving as he has become more interested in funding companies at a "pre-seed stage," instead of the seed stage that Initialized Capital focuses on, according to Axios.
The venture firm confirmed the departure to TechCrunch.
According to the statement, Ohanian will continue to be involved with the existing portfolio companies at the venture firm. Some of the Initialized Capital investments include grocery e-commerce company InstaCart and cryptocurrency exchange desk Coinbase.
The move comes less than a month after Ohanian resigned from Reddit, a social news aggregator and forum he co-founded in 2005, and called for the company to replace him with a candidate from the African American community.
Startup accelerator Y Combinator's co-founder and Chief Executive Officer Michael Seibel replaced him on the board.
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