Electric Capital today announced the closing of its second fund, a $110 million Seed and Series A fund, focused on cryptonetworks and blockchain enabled businesses. The firm is led by co-founders Avichal Garg and Curtis Spencer. The founders are serial entrepreneurs, prior executives at Facebook and Google, and investors in companies such as Airtable, Boom, Cruise, Figma, Newfront Insurance, Notion, and others. Electric Capital is partnered 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 the base token is a form of money and a token that may become a non-sovereign, store of value.
- Decentralized Finance & Community Owned Networks where tokens align economic incentives. Some of these networks will decentralize existing entities in traditional markets while some will be entirely novel applications that were previously impossible.
- Crypto Enabled Businesses and Marketplaces where customers receive 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. “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.”
“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 our privacy. These are the exact dimensions on which cryptonetworks are better than legacy systems. Cryptonetworks represent a fundamentally new way of writing software,” said Spencer. “With our new fund, we hope to facilitate the building of new platforms based on these principles.”
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