Sep 12, 2023 - Economy

Crypto firm Electric Capital raising $300 million for third fund

Illustration of a collage of circles made of money forming a decentralized web.

Illustration: Shoshana Gordon/Axios

Crypto-focused venture firm Electric Capital is raising $300 million for its third investment vehicle, per an SEC filing.

Why it matters: 2023 has been a sleepier year for the crypto industry (at least compared to 2021's euphoria), and a slower year for VCs.

Details: Electric is seeking $300 million for its third core early-stage venture fund, according to the document, about a quarter less than it raised for its second fund.

  • Unlike its prior fundraising, where the firm also raised $600 million to purchase digital tokens, it doesn't appear to be raising a new similar vehicle this time around.
  • But with the crypto market downturn setting in not long after Electric announced its last funds, it wouldn't be surprising if it still has plenty to invest from that pool of cash.

Electric Capital declined to comment.

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