Crypto VC Electric Capital aims to raise $300 million for new fund

Quick Take

  • Web3 venture firm Electric Capital is raising $300 million for its third fund. 

Electric Capital has a new venture fund on the books. 

The web3 VC firm is aiming to raise $300 million for a fund, according to a filing with the Securities and Exchange Commission. Dubbed the Electric Capital Venture Fund III, the fund will offer pooled investment fund interests as a type of security.

The first sale for the fund has yet to occur, and Electric does not intend for the offering to last more than a year. 

Electric's prior funding


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Electric Capital raised $110 million for its second venture fund in 2020. 

In March of 2022, Electric Capital raised $1 billion in venture funding to invest in early-stage crypto startups, The Block previously reported. 

Electric Capital is a web3 venture firm based in Palo Alto, California formed by Curtis Spencer and Avichal Garg in 2018. The firm did not immediately respond to a request for comment from The Block. 

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.


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