Electric Capital, a San Francisco, CA-based cryptonetwork and blockchain enabled business focused firm, closed its second fund, a $110m Seed and Series A fund.
Co-founded by Avichal Garg and Curtis Spencer, Electric Capital is a venture firm that invests in cryptocurrencies, blockchain based businesses, fintech companies, and marketplaces. The firm compiles code, profiles nodes, analyzes blockchains and open source projects, helps secure cryptonetworks, and write software to help portfolio companies understand their ecosystems. They also publish an annual Developer Report that is the industry standard for understanding the developer ecosystems across cryptonetworks.
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.
Electric Capital and its founders have invested in crypto companies such as Anchorage, Bitwise, Celo, Coda, Derivadex, Elrond, Mobilecoin, Oasis, and NEAR.
Garg Avichal is a serial entrepreneur with executive experience at Google and Facebook, which acquired his previous company in 2012. At Facebook, he was Director of Product Management for the Local product group. Avichal is an investor in companies and protocols such as Anchorage, Bitwise, Celo, Coda, Dapper Labs/Cryptokittes, dYdX, Lightning Labs, and many technology companies outside of crypto such as Airtable, Boom Supersonic, Color Genomics, Cruise, Figma, Newfront Insurance, Notion, Optimizely, and Threads.
Before Electric, Spencer was CTO at Cruxlux, a semantic search company acquired by Kosmix/Walmart Labs and CTO at Spool, a mobile infrastructure company acquired by Facebook. At Facebook, he was an engineering lead on News Feed, Events, and Developer Experience during his tenure. Spencer was an early investor in Bitcoin and Ethereum and has invested in various frontier technology companies such as Cruise Automation, Boom Supersonic, and SpaceX.