Crypto VC Electric Capital aims to raise $300 million for new fund

Electric Capital has a new venture fund on the books.

The web3 VC firm is aiming to raise $300 million for a fund, according to a filing with the Securities and Exchange Commission. Dubbed the Electric Capital Venture Fund III, the fund will offer pooled investment fund interests as a type of security.

The first sale for the fund has yet to occur, and Electric does not intend for the offering to last more than a year.

Electric’s prior funding

Electric Capital raised $110 million for its second venture fund in 2020.

In March of 2022, Electric Capital raised $1 billion in venture funding to invest in early-stage crypto startups, The Block previously reported.

Electric Capital is a web3 venture firm based in Palo Alto, California formed by Curtis Spencer and Avichal Garg in 2018. The firm did not immediately respond to a request for comment from The Block.

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