The new fund includes multiple internationally recognized universities whose details have not been disclosed, Garg said. This represents a potential driver of crisis for traditional investors who are becoming increasingly crypto-oriented.
Electric's new fund will invest in startup stocks, crypto tokens, or a hybrid of the two. Controls will range from $ 1 million to $ 10 million and will focus on the seeds and rounds of Serie A.
The company's first round raised $ 35 million, Garg said in agreement with co-founder Curtis Spencer. The new fund's initial investments include DerivaDEX on the equity side; investments in Celo and NEAR basic level tokens; and available liquidity of bitcoin (quotation BTC), Ether (ETH) and Maker (MKR).
The second fund will continue to hold Electric's focus on the three objectives represented by Level 1 protocols, decentralized finance (DeFi) and cryptocurrency-enabled assets.
Electric Capita VC's founders are serial entrepreneurs, former executives of Facebook (Facebook Inc. FB) and Google (Alphabet Inc. GOOG, GOOGL), and investors in companies such as Airtable, Boom, Cruise, Figma, Newfront Insurance, Notion, and others.
The company is a partner of leading universities and world-renowned philanthropic foundations for its second fund. Silicon Valley residents Garg and Spencer began investing in crypto startups in 2016 after taking an early interest in bitcoin mining in 2011.
After the VCs began to grow consistently during the latest bull run, the two decided to make the company official, founding Electric in early 2018. Current investments include Anchorage, Bison Trails, Bitwise, Coda, Elrond, Mobilecoin. and other.
As for the factor that sparked institutional interest this time around, Garg said that macroeconomic conditions played an important role. "The input that gave it a boost was the money printing that took place in March," he said.
Spencer added: “Today, a handful of large tech companies dominate the tech landscape. Everything has a price: in exchange for efficiency, we have given up on platform independence, control, transparency and our privacy. These are the exact dimensions on which crypto networks are better than legacy systems. Crypto networks represent a fundamentally new way of writing software ”. The Financial Times reported in April that VC giant Andreessen Horowitz (a16z) was aiming for $ 450 million for its second cryptocurrency fund.
Cryptocurrencies have revolutionized the world of economics and investment, offering a decentralized alternative to traditional…
Milkomedia-C1 announced the integration of the DJed stablecoin network on its platform. Milkomeda C1, a…
Cryptocurrencies have gained immense popularity over the last decade, attracting investors from all over the world. However,…
The former cryptocurrency exchange FTX was based in the Bahamas. The island nation has not been…
As Shiba Inu adoption skyrockets, the memecoin and the entire Shiba ecosystem…
The adoption of digital currencies such as Bitcoin has continued to grow unabated. Many…