Reddit cofounder Alexis Ohanian's venture capital firm has raised an additional $225 million to invest in early-stage startups. : It is the fourth and largest fund raised by Initialized Capital, the San Francisco-based venture capital firm founded by Ohanian and Garry Tan. The new fund, announced on Tuesday, comes as Ohanian spends more time with the firm. About nine months ago, he stepped away from his day-to-day role at Reddit, the popular discussion board platform he co-founded in 2005.