Digital Assets: Electric Capital Raises $110M For Its Second Crypto Fund

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.

Related Story:  Andreessen Horowitz Raises $515M for its Crypto Fund II

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Latest Alternative Investment News
Alternative Investments/ESG: Six New Responsible Funds Flag Off Morgan Stanley’s ETF Platform

Morgan Stanley Investment Management (MSIM) has launched its ETF platform with six Calvert ETFs listed on NYSE Arca. The ETFs feature Calvert’s responsible investing approach and offer access to four…
Artificial Intelligence: MusicLM, A New Generative AI Tool From Google, Creates Music From Text
February 2, 2023     Artificial Intelligence, News

Google (NASDAQ: GOOGL) recently published a research paper on its new AI tool, MusicLM, designed to create music. The tool is based on machine learning and is trained on vast…
Artificial Intelligence: Snap Mulling AR Glasses Powered By Generative AI
February 2, 2023     Artificial Intelligence, News

Snap (NYSE: SNAP), the parent company of Snapchat, has hinted at future AR glasses powered by generative AI technology. CEO Evan Spiegel stated that AI will be critical to the…
Digital Assets: Binance And Mastercard Launch Prepaid Crypto Card In Brazil
February 1, 2023     Digital Assets, News

Binance and Mastercard (NYSE: MA) have jointly launched the Binance Card in Brazil, allowing Binance users in the country to make purchases and pay bills with cryptocurrencies like bitcoin and…