Crypto venture capital firm Electric Capital has closed its second fund at $110 million. Of the money raised, 90% of it is institutional capital… The new fund includes multiple undisclosed university endowments… a potential bellwether for traditional investors becoming more crypto-comfortable.
Electric’s new fund will invest in startup equity, crypto tokens or a hybrid of the two. Checks will be in the $1 million to $10 million range and focus on seed and Series A rounds. The firm’s first round raised $35 million, said Garg and fellow co-founder Curtis Spencer.
The second fund will continue Electric’s three-pronged focus on Layer 1 protocols, decentralized finance (DeFi) and crypto-enabled businesses.