Electric Capital raises $1 billion in venture funding

A crypto-focused firm Electric Capital has raised $1 billion for a fund to invest in a range of startups.

1/ @ElectricCapital has raised $1 billion in new capital, our largest fundraise yet.

The web3 economy built on top of the programmable money stack will be one of the defining disruptions of the 2020s.

Where are we going to invest $1 billion?https://t.co/9no7saqyQK

🧵👇

— Avichal — Electric⚡️Capital (🇺🇦, 🇺🇦) (@avichal) March 1, 2022

The firm invests amounts ranging from $1 million to $20 million in projects related to Web 3.0 infrastructure, DeFi, NFT platforms and DAOs.

“We use the infrastructure we built to provide liquidity, run validators, help teams navigate ecosystems with the help of our new data, etc.,” said Electric Capital co-founder Curtis Spencer.

Founded in 2018, Electric Capital has invested in Bitwise, dYdX, Gitcoin, Immunefi, NEAR, Syndicate and other notable projects.

In August 2020 the firm raised $110 million to launch its second fund.

Earlier Electric Capital said in a report that in 2021 the number of active Web 3.0 developers grew by 75%.

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