The fund will invest in seed and Series A startups active in crypto networks and blockchain-enabled businesses.

Venture capital firm Electric Capital invests in cryptocurrencies, blockchain-based businesses, fintech companies, and marketplaces. It announced Monday the close of its second fund, a $110M Seed and Series A fund, focused on crypto networks and blockchain-enabled businesses.

According to the release, investors in the second fund included world-renowned university endowments and philanthropic foundations. (Medium)

According to Electric Capital co-founder Avichal Garg, who was speaking to CoinDesk, this is a sign that traditional investors are becoming crypto-friendly.

Another reason for rising institutional interest, according to Garg, is the macroeconomic situation. “The thing that really tipped it was all the money printing that happened in March,” he said.

Proposed investments

Electric Capital will invest the second fund in tokens or equity in ticket sizes of between $250,000 to $10 million.

The firm focuses on investing in three areas of what it calls “programmable money”: Layer 1 Protocols, Decentralized Finance & Community Owned Networks, and Crypto Enabled Businesses and Marketplaces.

It is looking for startups in DeFi, Community Owned Networks, Fintech and Marketplaces, Payments, and Privacy sectors.

“We support early founders from their first investment and love working closely with them for many years,” founders Avichal Garg and Curtis Spencer said to CrowdFund Insider. “We’ve scaled products from zero to one billion users and teams from zero to hundreds of engineers. We help founders on scaling their organization, building products, cultivating communities and developer ecosystems, and more.”

Electric Capital’s first fund raised $35 million in 2018.

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