Electric Capital
Overview
Electric Capital has been investing since 2018, focusing on technologies such as artificial intelligence, cryptography, and distributed systems. Its website lists pre-seed through Series A as its focus investment stages and describes the engineering, product, and operating support it offers founding teams.[1]
Contents23 sections
Key facts
Founders and Technical Background
Electric Capital was co-founded in 2018 by Avichal Garg and Curtis Spencer. Garg held product management roles at Google and Facebook; Spencer was chief technology officer of Cruxlux and Spool and worked at Facebook on engineering related to News Feed, Events, and developer experience. The two founders’ backgrounds gave the firm an investment profile that emphasizes engineering and product capabilities.[2][3][4]
2022Raises $1 Billion in Funds
On March 1, 2022, Electric Capital announced new funds totaling $1 billion: a $400 million fund for equity and token investments, which closed in 2021, and a $600 million fund investing mainly in tokens, which closed in February 2022.[2]
2025Iron Fish Team Joins Base
On March 6, 2025, Iron Fish founder Elena Nadolinski announced that the development team was joining Base, applying its experience in privacy technology to building Base products. The announcement stated that the Iron Fish Foundation and blockchain network would continue to operate independently, and that existing development materials would be open to the community.[5]
2025Pocket Protector Joins dYdX
On July 18, 2025, dYdX Trading announced its acquisition of Pocket Protector. Its social trading product and four-person engineering team joined dYdX, with Eddie Zhang becoming president and Kaiser Kinbote leading growth. The two sides planned to integrate Pocket Protector’s trading and Telegram interaction features into dYdX products.[6]
Developer Research and Open Dev Data
Electric Capital has tracked open-source development activity in crypto since 2019 and previously published its research as the annual Developer Report. On November 21, 2025, the firm announced the launch of Open Dev Data, replacing the standalone annual report with a continuously updated data platform. The platform publishes project classifications, code repositories, and developer activity data, on the basis of which DeveloperReport.com displays developer metrics for each ecosystem.[7]
2026Slingshot Ends App Services
On February 13, 2026, Slingshot published a shutdown notice listing February 28 as the date its app infrastructure would fully shut down, and provided ways to export wallet private keys and migrate. Its on-chain wallet assets were handled separately from the end of app services.[8]
2026More Markets Closes Yield Accounts
More Markets announced on its website the closure of its Earn accounts, asking users to withdraw their balances by March 8, 2026. The closure covered the yield accounts previously offered for bitcoin, ether, and US dollar assets.[9]
2026Bitnomial Joins Payward
On April 17, 2026, PaywardPaywardPayward (Payward, Inc.) is the parent company of the cryptocurrency exchange Kraken, founded in July 2011 by Jesse Powell and others and incorporated in Wyoming, United States. Its flagship is Kraken, and its other businesses include the futures brokerage NinjaTrader, the tokenized equities platform xStocks and the index company CF Benchmarks; it serves more than 190 jurisdictions and has been led since October 2024 by co-CEOs Arjun Sethi and Dave Ripley.Open the full entry announced an agreement to acquire Bitnomial for up to $550 million, payable in cash and stock. On May 1, the two companies announced that the deal had closed. Bitnomial’s exchange, clearing, and brokerage businesses were brought into Payward, enabling it to expand derivatives services through US regulated infrastructure.[10][11]
2026Magic Eden Restructures Marketplace and Wallet Services
In 2026 Magic Eden restructured its business, ending marketplace support for EVM chains and bitcoin and shutting down Magic Eden Wallet on May 1. Its service notice also stated that the Solana marketplace and the Packs product would continue.[12]
Acquisitions and Team Integrations of Portfolio Projects
Table
| Date | Project | Transaction and Aftermath |
|---|---|---|
| 2025-03-06 | Iron Fish | Development team joined Base; the Iron Fish Foundation and network continue to operate independently. |
| 2025-04-09 | Slingshot | Magic Eden announced the acquisition of the cross-chain trading app; signed at the time, pending closing. |
| 2025-06-11 | Privy | Announced its acquisition by Stripe; now operates as an independent product within Stripe. |
| 2025-07-18 | Pocket Protector | dYdX Trading announced the acquisition of the product and team. |
| 2025-11-25 | Fordefi | Paxos announced completion of the acquisition, bringing its multi-party computation wallet technology into institutional digital asset infrastructure. |
| 2026-04-17 / 05-01 | Bitnomial | Payward announced a cash-and-stock acquisition agreement of up to $550 million and announced its completion on May 1. |
Public Project Financings: 2021–2024
Table
| Announcement or Report Date | Company | Round and Total Amount | Electric Capital’s Role |
|---|---|---|---|
| 2021-04-30 | Hashflow | Seed round: $3.2 million | Co-led with Dragonfly |
| 2024-04-09 | Monad Labs | Funding: $225 million | Participated; led by Paradigm |
| 2024-07-17 | Aven | Series D: $142 million | Participated; co-led by Khosla Ventures and General Catalyst |
Public Project Financings: 2025
Table
| Announcement or Report Date | Company | Round and Total Amount | Electric Capital’s Role |
|---|---|---|---|
| 2025-04-29 | Unto Labs | Pre-seed and seed rounds combined: $14.4 million | Led the seed round; Framework led the pre-seed round |
| 2025-09-03 | Etherealize | Funding: $40 million | Co-led with Paradigm |
| 2025-09-09 | Aven | Series E: $110 million | Investor named in the announcement |
| 2025-12-02 | SF Compute | Series A: $40 million | Participated; co-led by DCVC and Wing Venture Capital |
Blockchain Networks and Infrastructure
Table
| Project | Main Business and Status |
|---|---|
| Anoma | Distributed operating system for blockchain applications. |
| Asula | Financial infrastructure for bitcoin applications. |
| Consensys | Ethereum software developer whose products include the MetaMask wallet and Infura development infrastructure. |
| EigenCloud | Verifiable cloud computing platform for applications and AI agents. |
| Espresso | Blockchain financial transaction and settlement infrastructure. |
| Genesis Digital Assets | Bitcoin mining and computing facility operator. |
| Iron Fish | Blockchain focused on transaction privacy; in 2025 the development team joined Base, while the foundation and network continue to operate independently. |
| Jito Labs | Software for Solana transaction processing and maximal extractable value. |
| Monad | Layer-1 blockchain compatible with the Ethereum Virtual Machine. |
| Mysten Labs | Developer of blockchain infrastructure including Sui. |
| NEAR | Blockchain network and infrastructure for AI applications. |
| Solana | Layer-1 blockchain supporting smart contracts and digital asset applications. |
| Sui | Layer-1 blockchain network built by developers including Mysten Labs. |
| Unto Labs | Developer of the Thru blockchain and related execution infrastructure. |
| Walrus Protocol | Programmable, verifiable distributed data storage protocol. |
Trading, Lending, and On-Chain Finance: Aave–INFINIT
Table
| Project | Main Business and Status |
|---|---|
| Aave | Digital asset lending and savings protocol. |
| Aerodrome | Decentralized exchange on the Base network. |
| Auto Finance | Formerly Tokemak; on-chain asset allocation and rebalancing through automated pools. |
| Bullet | Digital asset trading platform and settlement infrastructure. |
| Cozy Finance | Risk management protocol for crypto applications. |
| Curve | Decentralized exchange protocol for stablecoins and other digital assets. |
| dYdX | Perpetual futures trading protocol and application. |
| Ellipsis Labs | Developer of on-chain trading systems, with products including Phoenix on Solana. |
| Fluid | On-chain lending and liquidity infrastructure. |
| Frax Finance | Stablecoin and on-chain finance protocol. |
| Hashflow | Digital asset trading platform using a request-for-quote mechanism. |
| Hibachi | Stablecoin-based foreign exchange trading platform. |
| Hourglass | Institutional crypto asset yield infrastructure. |
| Hyperbeat | Digital asset yield, payments, and bank card application. |
| Infinifi | Stablecoin yield protocol. |
| INFINIT | Manages crypto asset strategies and pools through AI agents. |
Trading, Lending, and On-Chain Finance: Kuru–Wasabi
Table
| Project | Main Business and Status |
|---|---|
| Kuru | Decentralized exchange on Monad. |
| Pendle | On-chain yield and funding rate trading protocol. |
| Puffer Finance | Ethereum liquid staking, restaking, and scaling infrastructure. |
| Re | Tokenized reinsurance platform. |
| Royco | Financial protocol that organizes on-chain yield by risk tranche. |
| Silo Finance | Protocol that isolates risk using independent lending markets. |
| Term Finance | Fixed-rate digital asset lending protocol that sets rates through auctions. |
| Wasabi | Decentralized derivatives trading protocol. |
Financial Services and Institutional Software
Table
| Project | Main Business and Status |
|---|---|
| Aven | Credit card and lending services secured by home equity. |
| Bitnomial | US digital asset derivatives exchange and clearing infrastructure; joined Payward in 2026. |
| Bitwise | Crypto asset investment fund and exchange-traded fund management. |
| CoinList | Token issuance and distribution platform for crypto projects. |
| Etherealize | Develops Ethereum asset tokenization, trading, and settlement infrastructure for institutions. |
| Fordefi | Institutional digital asset wallet using multi-party computation technology; joined Paxos in 2025. |
| Integral | Digital asset accounting, finance, and treasury management software. |
| Kraken | Digital asset trading and financial services platform. |
| Membrane | Software for managing institutional digital asset loans, repos, collateral, and cross-custodian settlement. |
| MoreMarkets | Former crypto asset yield platform; has announced the closure of its Earn accounts. |
| Privy | In-app digital wallet infrastructure; acquired by Stripe in 2025. |
| SF Compute | GPU compute clusters and compute capacity marketplace. |
| Squads | Multisig wallets, corporate stablecoin financial products, and developer APIs. |
Artificial Intelligence, Healthcare, and Energy
Table
| Project | Main Business and Status |
|---|---|
| Agentic Data Intelligence | AI agents for real-time data processing and execution. |
| Atrium | Digital content production for brand and character intellectual property. |
| Bluenote | AI workflows for life sciences regulatory affairs. |
| Boom | Develops supersonic aircraft and gas turbines for powering data centers. |
| ChronicleBio | Platform using human data to support chronic disease research. |
| HealthEx | Tools for personal medical record access, authorization, and data management. |
| Kiosk | Develops Kiki, an AI personal assistant used via text message. |
| OFF | AI application development and business process automation tools. |
| V12 | AI security tools for code auditing, vulnerability analysis, and fix verification. |
Developer Tools, Data, and Digital Identity
Table
| Project | Main Business and Status |
|---|---|
| Ava Protocol | On-chain workflow automation and DeFi risk monitoring tools. |
| Boost | Token incentive tools for user growth of crypto projects. |
| Certora | Formal verification and security auditing of smart contracts and code. |
| Clusters | Cross-chain wallet naming and identity system. |
| Dialect | Infrastructure for on-chain transaction interaction, messaging, and notifications. |
| Immunefi | Blockchain security bug bounty and security services platform. |
| Noox | Non-transferable digital achievement badges recording on-chain activity. |
| OpenBlock | On-chain data analytics, token incentive modeling, and verifiable data oracles. |
| Radicle | Git-based peer-to-peer code collaboration network. |
| SpruceID | Digital identity, credential, and user authorization management tools. |
| Tonk | Tools for creating and sharing user-owned applications. |
Consumer Applications and Digital Content
Table
| Project | Main Business and Status |
|---|---|
| Layer3 | Platform for blockchain application discovery, user quests, and rewards. |
| LegendTrade | Trading app for crypto assets and other markets with social features. |
| Magic Eden | Digital collectibles marketplace; after its 2026 restructuring it continues to support the Solana marketplace and Packs. |
| Nestcoin | Digital financial products for creators. |
| NotePass | Project with no public product yet; its website shows a coming-soon message. |
| Pocket Protector | Social trading product development team; joined dYdX Trading in 2025. |
| Rocket | Real-time prediction and trading platform. |
| Slingshot | Former cross-chain trading app; announced it was joining Magic Eden in 2025 and announced the end of its app services in 2026. |
| Waterfall | Project for NFT creation, minting, and trading on the Base network; its website marks it as not yet launched. |
Investment Focus and Founder Support
Electric Capital focuses on pre-seed through Series A, and its website lists an individual check size ranging from $1 million to more than $15 million. The firm’s investment areas include artificial intelligence, cryptography, distributed systems, and fintech, extending to healthcare, energy, identity, and creator tools. Its team provides startups with engineering, product design, recruiting, and go-to-market support. As of September 2026, its website disclosed cumulative investments of more than $3 billion.[1]
Team and Organization
The general partners listed on the website include co-founders Avichal Garg and Curtis Spencer, as well as Ken Deeter, Maria Shen, and Ren CF. The firm’s team combines investment, engineering, data research, and portfolio company services functions.[82]
Sources
- Electric Capital (opens in a new window)
- Electric Capital募集10亿美元投资基金 [Electric Capital Raises $1 Billion Investment Fund] (opens in a new window) (in Chinese)
- Avichal Garg：联合创始人及普通合伙人 [Avichal Garg: Co-Founder and General Partner] (opens in a new window) (in Chinese)
- Curtis Spencer：联合创始人及普通合伙人 [Curtis Spencer: Co-Founder and General Partner] (opens in a new window) (in Chinese)
- Iron Fish开发团队加入Base [Iron Fish Development Team Joins Base] (opens in a new window) (in Chinese)
- dYdX Acquires Pocket Protector (opens in a new window)
- Announcing Open Dev Data (opens in a new window)
- Slingshot应用停止服务安排 [Slingshot App Sunset Arrangements] (opens in a new window) (in Chinese)
- More Markets：Earn账户关闭公告 [More Markets: Earn Account Closure Notice] (opens in a new window) (in Chinese)
- Payward收购Bitnomial协议 [Payward Agreement to Acquire Bitnomial] (opens in a new window) (in Chinese)
- Payward完成收购Bitnomial [Payward Completes Acquisition of Bitnomial] (opens in a new window) (in Chinese)
- Magic Eden市场与服务调整 [Magic Eden Marketplace and Service Changes] (opens in a new window) (in Chinese)
- Magic Eden宣布收购Slingshot [Magic Eden Announces Acquisition of Slingshot] (opens in a new window) (in Chinese)
- Magic Eden收购Slingshot的签约公告报道 [Report on Magic Eden’s Signed Agreement to Acquire Slingshot] (opens in a new window) (in Chinese)
- Privy宣布被Stripe收购 [Privy Announces Its Acquisition by Stripe] (opens in a new window) (in Chinese)
- Privy – User Help Center (opens in a new window)
- Paxos Acquires Fordefi to Build the Custody Infrastructure Layer to Power the On-Chain Economy - Paxos | Newsroom (opens in a new window)
- Hashflow：320万美元种子轮 [Hashflow: $3.2 Million Seed Round] (opens in a new window) (in Chinese)
- Monad Labs raises $225M (opens in a new window)
- Aven：1.42亿美元D轮 [Aven: $142 Million Series D] (opens in a new window) (in Chinese)
- Unto Labs：两轮融资及Thru开发计划 [Unto Labs: Two Funding Rounds and Thru Development Plans] (opens in a new window) (in Chinese)
- Etherealize：4000万美元融资公告 [Etherealize: $40 Million Funding Announcement] (opens in a new window) (in Chinese)
- Aven：1.1亿美元E轮及22亿美元估值 [Aven: $110 Million Series E and $2.2 Billion Valuation] (opens in a new window) (in Chinese)
- SF Compute：4000万美元A轮融资报道 [SF Compute: Report on $40 Million Series A] (opens in a new window) (in Chinese)
- Electric Capital：投资项目目录 [Electric Capital: Investment Portfolio] (opens in a new window) (in Chinese)
- Anoma：业务与产品介绍 [Anoma: Business and Product Overview] (opens in a new window) (in Chinese)
- Asula：业务与产品介绍 [Asula: Business and Product Overview] (opens in a new window) (in Chinese)
- Consensys - Building the Era of Decentralized Finance (opens in a new window)
- EigenCloud：业务与产品介绍 [EigenCloud: Business and Product Overview] (opens in a new window) (in Chinese)
- Espresso：业务与产品介绍 [Espresso: Business and Product Overview] (opens in a new window) (in Chinese)
- Jito Labs (opens in a new window)
- Monad官方网站 [Monad Official Website] (opens in a new window) (in Chinese)
- Mysten Labs：业务与产品介绍 [Mysten Labs: Business and Product Overview] (opens in a new window) (in Chinese)
- NEAR：业务与产品介绍 [NEAR: Business and Product Overview] (opens in a new window) (in Chinese)
- Solana (opens in a new window)
- Sui：业务与产品介绍 [Sui: Business and Product Overview] (opens in a new window) (in Chinese)
- Unto Labs：Thru区块链 [Unto Labs: Thru Blockchain] (opens in a new window) (in Chinese)
- Walrus Protocol：业务与产品介绍 [Walrus Protocol: Business and Product Overview] (opens in a new window) (in Chinese)
- Aave — Onchain Savings, Lending and Borrowing (opens in a new window)
- AUTO与Tokemak品牌及协议沿革 [AUTO and Tokemak Brand and Protocol History] (opens in a new window) (in Chinese)
- Bullet：业务与产品介绍 [Bullet: Business and Product Overview] (opens in a new window) (in Chinese)
- Cozy Finance：业务与产品介绍 [Cozy Finance: Business and Product Overview] (opens in a new window) (in Chinese)
- dYdX: DeFi's Pro Trading Platform (opens in a new window)
- Ellipsis Labs官网 [Ellipsis Labs Official Website] (opens in a new window) (in Chinese)
- Hyperbeat：业务与产品介绍 [Hyperbeat: Business and Product Overview] (opens in a new window) (in Chinese)
- INFINIT：业务与产品介绍 [INFINIT: Business and Product Overview] (opens in a new window) (in Chinese)
- Pendle：业务与产品介绍 [Pendle: Business and Product Overview] (opens in a new window) (in Chinese)
- Puffer Finance：业务与产品介绍 [Puffer Finance: Business and Product Overview] (opens in a new window) (in Chinese)
- Re：业务与产品介绍 [Re: Business and Product Overview] (opens in a new window) (in Chinese)
- Royco：业务与产品介绍 [Royco: Business and Product Overview] (opens in a new window) (in Chinese)
- Silo Finance：业务与产品介绍 [Silo Finance: Business and Product Overview] (opens in a new window) (in Chinese)
- Term Finance — Selected Angels (opens in a new window)
- Bitwise：业务与产品介绍 [Bitwise: Business and Product Overview] (opens in a new window) (in Chinese)
- CoinList：业务与产品介绍 [CoinList: Business and Product Overview] (opens in a new window) (in Chinese)
- Etherealize：业务与产品介绍 [Etherealize: Business and Product Overview] (opens in a new window) (in Chinese)
- Integral：业务与产品介绍 [Integral: Business and Product Overview] (opens in a new window) (in Chinese)
- Kraken：业务与产品介绍 [Kraken: Business and Product Overview] (opens in a new window) (in Chinese)
- Membrane：业务与产品介绍 [Membrane: Business and Product Overview] (opens in a new window) (in Chinese)
- SF Compute：业务与产品介绍 [SF Compute: Business and Product Overview] (opens in a new window) (in Chinese)
- Squads | Finance Without Legacy Constraints (opens in a new window)
- Atrium：业务与产品介绍 [Atrium: Business and Product Overview] (opens in a new window) (in Chinese)
- Bluenote：业务与产品介绍 [Bluenote: Business and Product Overview] (opens in a new window) (in Chinese)
- Boom：业务与产品介绍 [Boom: Business and Product Overview] (opens in a new window) (in Chinese)
- HealthEx：业务与产品介绍 [HealthEx: Business and Product Overview] (opens in a new window) (in Chinese)
- Kiosk：业务与产品介绍 [Kiosk: Business and Product Overview] (opens in a new window) (in Chinese)
- OFF：业务与产品介绍 [OFF: Business and Product Overview] (opens in a new window) (in Chinese)
- V12：业务与产品介绍 [V12: Business and Product Overview] (opens in a new window) (in Chinese)
- Ava Protocol：业务与产品介绍 [Ava Protocol: Business and Product Overview] (opens in a new window) (in Chinese)
- Boost：业务与产品介绍 [Boost: Business and Product Overview] (opens in a new window) (in Chinese)
- Certora：业务与产品介绍 [Certora: Business and Product Overview] (opens in a new window) (in Chinese)
- Dialect (opens in a new window)
- Immunefi：业务与产品介绍 [Immunefi: Business and Product Overview] (opens in a new window) (in Chinese)
- Noox：业务与产品介绍 [Noox: Business and Product Overview] (opens in a new window) (in Chinese)
- OpenBlock：业务与产品介绍 [OpenBlock: Business and Product Overview] (opens in a new window) (in Chinese)
- Radicle：业务与产品介绍 [Radicle: Business and Product Overview] (opens in a new window) (in Chinese)
- SpruceID：业务与产品介绍 [SpruceID: Business and Product Overview] (opens in a new window) (in Chinese)
- Tonk：业务与产品介绍 [Tonk: Business and Product Overview] (opens in a new window) (in Chinese)
- Layer3：业务与产品介绍 [Layer3: Business and Product Overview] (opens in a new window) (in Chinese)
- LegendTrade：业务与产品介绍 [LegendTrade: Business and Product Overview] (opens in a new window) (in Chinese)
- Nestcoin：业务与产品介绍 [Nestcoin: Business and Product Overview] (opens in a new window) (in Chinese)
- Waterfall：Base网络NFT平台 [Waterfall: Base Network NFT Platform] (opens in a new window) (in Chinese)
- Electric Capital：团队 [Electric Capital: Team] (opens in a new window) (in Chinese)