Electric Capital Launches $110 Million Fund Focused on Cryptonetworks and Blockchain Businesses
Today, Electric Capital declared the closing of its second fund, a $110 million seed, and Series A fund, focused on crypto networks and blockchain-enabled businesses. The firm is led by co-founders Avichal Garg and Curtis Spencer. The founders are serial entrepreneurs, former executives at Facebook and Google, and investors in Airtable, Boom, Cruise, Figma, Newfront Insurance, Notion, and others. Electric Capital is associated with world-renowned university endowments and philanthropic foundations for its second fund.
Fund II Continues to Focus on “Programmable Money”
Electric Capital has three areas of focus:
- Layer 1 Protocols where a base token is a kind of money and a token that may become a non-sovereign, store of value.
- Decentralized Finance & Community Owned Networks where tokens follow economic incentives. Some of these networks will decentralize existing entities in traditional markets, while some will be previously impossible and entirely novel applications.
- Crypto Enabled Businesses and Marketplaces where consumers get novel benefits enabled by cryptography, tokens, and blockchains.
“We support early founders from their first investment and love working closely with them for many years,” said Garg in a statement. “We’ve scaled products from zero to one billion users and teams from zero to hundreds of engineers. We help founders scaling their organization, building products, cultivating communities and developer ecosystems, and more.”
“Today, a handful of big technology companies dominate the technology landscape. Everything has a price: in exchange for efficiency, we gave up platform independence, control, transparency, and privacy. These are the exact dimensions on which cryptonetworks are better than legacy systems. Cryptonetworks represents a fundamentally new way of writing software,” said Spencer in a statement. “With our new fund, we hope to facilitate the building of new platforms based on these principles.”
Electric Capital is a venture firm that funds in cryptocurrencies, blockchain-based businesses, fintech companies, and marketplaces. They compile code, profile nodes, analyze blockchains and open source projects, help secure cryptonetworks, and write software to help our portfolio companies understand their ecosystems.