Electric Capital Raises $1 Billion to Grow an Engineering-Focused VC Firm

SAN FRANCISCO, March 1, 2022 /PRNewswire/ -- Electric Capital today announced the close of $1 billion in capital to fund crypto networks, Web3 protocols, and blockchain-enabled businesses. With this new fundraising, Electric Capital is one of the largest independent, crypto-native venture capital firms in the world.

"Founders in Web3 need crypto-native investors who understand the unique support that protocols and Web3 companies require through the inevitable crypto cycles. We bring deep knowledge in decentralized governance, shipping open-source software, community building, token economics, and distributed systems," said Avichal Garg, cofounder of the firm.

Electric Capital will continue to invest between $1 million and $20 million in equity and tokens in the following areas:

1. Platforms and protocols that support new communities powered by NFTs and DAOs.
2. Decentralized Web3 infrastructure that allows engineers to build the next generation of applications without a central point of failure or control.
3. Decentralized Finance that democratizes access to financial products.
4. Accessible user experiences that onboard millions of users to Web3.

"We have spent the last four years building software and data systems that enable us to participate in Web3 ecosystems. We use the infrastructure we have built to provide liquidity, run validators, help teams better understand their ecosystems with our novel data, and more. We look forward to continuing to push the frontier of how investors and protocols can create value together," said cofounder Curtis Spencer.

About Electric Capital
Electric Capital is a venture firm that invests in Web3 protocols, crypto networks, and blockchain-enabled businesses. Founders leverage Electric's deep knowledge of community governance, token economics, cryptography, and distributed systems. Electric partners with founders on developing governance frameworks and participates actively across governance, token economic design, liquidity provisioning, and bootstrapping networks. Electric Capital's annual Developer Report is the industry standard for understanding the developer ecosystems across crypto networks. Electric Capital's investments include Bitwise, dYdX, Frax, Gitcoin, Immunefi, Iron Fish, NEAR, Rabbithole, Syndicate, Tokemak, and more.

For more information, please visit electriccapital.com.

About Avichal Garg & Curtis Spencer
The founders of Electric Capital are successful entrepreneurs with prior experience at Facebook and Google. Prior to starting Electric Capital, they were investors in companies such as Airtable, Boom, Cruise, Figma, Newfront Insurance, Notion, and others. They are early supporters of crypto networks like Bitcoin, Ethereum, Monero, and others.

Media Contact:
Priscilla Reed
[email protected]

SOURCE Electric Capital