Electric Capital, a prominent venture firm with a strong focus on cryptocurrency, is in the process of securing an impressive $300 million for its third investment vehicle, as detailed in an official filing with the SEC.
Why it matters: In 2023, the crypto industry has experienced a more subdued atmosphere, especially when compared to the euphoria of 2021. It has also been a relatively less active year for venture capitalists.
Details: Electric is actively raising $300 million for its third core early-stage venture fund, which represents a confident stride forward, securing significant capital despite being approximately 25% less than its impressive second fund raise.
- In contrast to its previous fundraising efforts, during which the company successfully secured $600 million for digital token acquisitions, there seems to be no intention to launch a similar funding vehicle this time.
- In light of the crypto market downturn shortly following Electric’s last fund announcement, it’s highly probable that the company still possesses a substantial amount of capital ready for investment from that pool.
Electric Capital has opted not to provide a comment at this time.