Venture capital firm Electric Capital has raised $110 million from a host of institutional investors in its latest funding round.
The California-based venture capital firm invests in fintech and blockchain-based markets that align with its idea of “Programmable money.” The firm claims to have invested in more than 100 technology startups with a cumulative market cap greater than $50 billion.
The firm announced that it raised money from a group of undisclosed institutional investors including a university endowment. The firm intends to sign checks ranging between $1 to $10 million focusing on seed rounds and Series A fundings.
The firm will invest in three categories namely, Layer 1 protocols, decentralized finance (DeFi), and crypto-enabled companies.
The first funding round raised $35 million while the second fund was closed at $110 million.
The raised funds will be used to invest in three categories; namely, Layer 1 protocols, decentralized finance (DeFi), and crypto-enabled companies. The firm has already invested a significant portion of the first fund into various projects alligning with its strategy. These include DerivaDEX, DeFi protocols Celo and NEAR and holdings of Bitcoin, Ethereum and Maker.
The second fund will also be utilized to invest in projects of these three categories.
Headquartered in Palo Alto, California, Electric Capital presents itself as an early-stage venture firm focusing on cryptocurrency and fintech markets. The company invests in projects and startups involved with the cryptocurrency markets.
The firm boasts a diverse portfolio of investments ranging from crypto-related startups such as CoinList to blockchain solutions including Elrond, and Maker. The firm also hosts a pool of cryptocurrencies consisting of Bitcoin (BTC), Ethereum (ETH), Maker (MKR) and Zcash (ZEC).