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Electric Capital Raises $1 Billion to Launch Crypto Venture and Token Funds
Company will focus on DAOs, NFTs, DeFi, decentralized infrastructure and accessibility in Web3 DeFi projects to use. “The Web3 economy, built on the programmable money stack, will be one of the defining disruptions of the 2020s,” said Avichal Garg, founder and managing partner of Electric Capital. tweeted Tuesday. The large sum of $1 billion is for two funds...
Electric Capital Raises $1 Billion to Launch Crypto Venture and Token Funds
- Das Unternehmen wird sich auf DAOs, NFTs, DeFi, dezentrale Infrastruktur und Zugänglichkeit in Web3 konzentrieren
- „Die Web3-Wirtschaft, die auf dem programmierbaren Geldstapel aufbaut, wird eine der entscheidenden Störungen der 2020er Jahre sein“, twitterte Avichal Garg, Gründer von Electric Capital
Crypto venture capital firm Electric Capital has raised $1 billion, its largest fundraising ever, to deploy capital to Web3, NFT and DeFi projects.
“The Web3 economy, built on the programmable money stack, will be one of the defining disruptions of the 2020s,” said Avichal Garg, founder and managing partner of Electric Capital. tweeted Tuesday.
The large sum of $1 billion is earmarked for two funds: a $400 million venture fund and a $600 million token fund. The new vehicles are the company's third and fourth funds, respectively.
Electric Capital's second fund totaled $110 million as of August 2020. At the time, the plan was to focus on investing in startup equity, crypto tokens and hybrids of the two.
The firm will focus on five key trends within the new funds: DAOs, NFTs (non-fungible tokens), DeFi (decentralized finance), decentralized infrastructure and accessibility in Web3 that will define this decade, Garg said. Capital will be invested in increments of $1 million to $25 million for companies and token-enabled networks.
The fundraising puts the company on a larger playing field alongside venture capitalists in the space with major crypto funds such as Andreessen Horowitz, Paradigm and 10T Holdings.
With prominent companies deploying large funds, venture capitalists and investors appear to show no signs of slowing down. Billions of dollars flowed into crypto last month, including a notable amount from Luna Foundation Guard with its $1 billion private token sale.
“We believe crypto enables a parallel, programmable financial system,” Electric Capital wrote in a post. “Now a new economy is emerging at the top of the programmable money stack – DeFi enables permissionless access and innovation, NFTs are digital-native assets, DAOs create a way for communities to allocate resources, decentralized infrastructure offers alternatives to centralized tools, and more.”
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The post Electric Capital Raises $1 Billion to Launch Crypto Venture, Token Funds is not financial advice.