Electric Capital is a crypto-native venture fund founded in 2018 and headquartered in Menlo Park, California. The firm focuses on early-stage investments in blockchain protocols, decentralized applications, and crypto infrastructure. It operates at the intersection of software engineering and financial markets, drawing on its founders' backgrounds at major technology companies. Electric Capital has backed some of the most significant projects in the crypto ecosystem across multiple market cycles.
The fund is also widely known for publishing the Electric Capital Developer Report – an annual analysis of developer activity across blockchain ecosystems. The report tracks thousands of open-source repositories and has become one of the most cited data resources in the industry, used by researchers, protocol teams, and investors to gauge ecosystem health independent of price action.
Electric Capital raised its first fund of approximately $110 million in 2018–2019. The firm followed with a substantially larger Fund II, reported at around $1 billion, raised during the 2021–2022 bull cycle. Total assets under management are not formally disclosed. The fund invests globally, with particular concentration in US-based and protocol-level projects spanning Ethereum, Solana, and alternative layer-1 ecosystems.
Notable investments
- Solana – early backer of the high-throughput layer-1 blockchain, now one of the largest by market cap.
- Aave – decentralized lending protocol on Ethereum and multiple EVM chains.
- dYdX – decentralized perpetuals exchange, one of the highest-volume DeFi derivatives platforms.
- NEAR Protocol – sharded proof-of-stake layer-1 with a developer-friendly environment.
- Celo – mobile-first blockchain targeting emerging markets and stablecoin payments.
- Avalanche – high-throughput layer-1 with subnet architecture for custom chains.
- Optimism – Ethereum layer-2 scaling solution using optimistic rollups.
- Magic Eden – leading NFT marketplace initially dominant on Solana, later expanding cross-chain.
- Anchorage Digital – federally chartered digital asset bank providing custody and financial services.
Team
The firm was co-founded by Avichal Garg and Curtis Spencer. Garg previously worked at Facebook and co-founded two startups acquired by Google and Facebook respectively. Spencer brings engineering and operational experience from Google and other technology firms. Both partners focus on technical due diligence, emphasizing developer traction and protocol architecture over purely financial metrics. The team actively contributes to the research underpinning the annual Developer Report, maintaining a broader research function unusual for a fund of its size. Detailed information about additional partners or associates beyond the two co-founders is not widely disclosed in public sources.
Recent activity
In 2024 and into 2025, Electric Capital continued investing across layer-2 infrastructure, DeFi applications, and the Solana ecosystem, which saw a significant resurgence in developer and user activity. The firm has publicly discussed interest in real-world asset tokenization and crypto-AI intersections as emerging categories. The 2024 edition of the Developer Report showed Solana gaining developer share relative to Ethereum for the first time in several years – a data point consistent with Electric Capital's earlier bet on the network.
The firm has not publicly reported major write-downs tied to the FTX collapse or the 2022 credit contagion, though its Fund II vintage overlaps with that period. As with most crypto-native funds that deployed capital in 2021, unrealized losses on overvalued round entries likely exist, though specifics are not disclosed. Electric Capital's long hold orientation and protocol-level focus historically reduce exposure to centralized exchange risk.
Looking ahead, Electric Capital sits in a strong structural position. Its Developer Report grants it disproportionate research visibility and deal flow relative to its fund size. The firm's early wins in Solana and Aave, combined with its data-driven approach to evaluating ecosystem health, distinguish it from purely thesis-driven funds. Public information on current fundraising or a potential Fund III has not been confirmed as of early 2026. More details are available via the firm's official site and its Crunchbase profile.
