Gunderson Dettmer represented Initialized Capital in the formation of Initialized Capital V L.P., the fund’s fifth fund. The firm secured $230 million in capital commitments and will focus on seed investments.

In a post on Medium, Managing Partner Garry Tan wrote, “We remain focused on pre-product-market fit startups at seed in the lead position. Our sweet spot remains checks of $1M to $4M. What founders need at this stage is fundamentally different than what is needed at Series A and later, and so we’ve built our team and our software to be focused on those earlier stage requirements: product, engineering, design, PR, marketing, finance and legal. And when we invest, we’ll do it bravely and unilaterally.”

The Gunderson deal team was led by Darrin Brown and included Jonathan Goodwin, Sally Yi, Tony Huynh, David Eberle and Sabrena Youngerman.