On August 3, Electric Capital, a reputable VC in the blockchain environment, announced the successful closing of its second Series A fund, raising $110 million to support even more promising fintech companies and marketplaces.
According to the announcement, the organization will focus on three cryptocurrency areas, including Layer 1 Protocols, DeFi and community owned networks, and crypto-enabled businesses and marketplaces.
Electric Capital also noted that, with the funds raised in this Series A round, they will empower startups with promising solutions and enable them to successfully scale their products. As the company specializes in nurturing blockchain businesses throughout their growth, its founders Avichal Garg and Curtis Spencer have openly expressed their position to support crypto startups in properly developing their protocols and delivering their services to the public.
“We support early founders from their first investment and love working closely with them for many years,” said Avichal 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.”
Gard is an investor in many successful companies and protocols such as Anchorage, Bitwise, Celo, Coda, Dapper Labs/Cryptokittes, dYdX, Lightning Labs, as well as various other non-crypto technology firms.
Curtis Spencer, the other founder of Electric Capital, who was previously CTO at Cruxlux, also expressed his views about the future of the company and its involvement in blockchain-based businesses:
“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,” he said. “With our new fund, we hope to facilitate the building of new platforms based on these principles.”
According to the announcement, Electric Capital has partnered with world-renowned university endowments and philanthropic foundations to successfully launch its second funding round. The company plans to split these resources between a select a number of startups and provide monetary support in the size of $1 – $6 million to each one.