# Electric Capital: portfolio, investments and team > Electric Capital is a vc firm based in United States. 81 investments on record, 8 in the last 12 months, latest Sept 2026. Source: https://millionrounds.com/fund/electric-capital (Millionrounds; every figure on the page links to its filing or article) United States · [Investor](https://millionrounds.com/investors) # Electric Capital Last cheque observed Sep 2026; 81 cheques on record. Email Deploying now New fund $195M, Sept 2026 VC firm Seed Series A Series B Finance Nfts Decentralized Follow Electric Capital and see its new cheques in your feed. [Start following](https://millionrounds.com/login?join=1&why=follow&next=%2Ffund%2Felectric-capital) Deploying now **47%** of best year **8** **cheques in 12 months**, 81 on record Since the last cheque **60** days **00** hrs **00** min **00** sec Median round **$5.5M** Cheque size, as they say **$1.0M – $5.0M** Rounds led **0 of 81** Sole investor **3 rounds** Mostly in **United States, 80%** Pitch Electric Capital ## Electric Capital highlights - 01 8 cheques in the last 12 months - 02 Mostly Seed and Venture: 72% of its rounds - 03 Sole investor in 3 rounds, median $3.0M ## What they do > We invest in builders of frontier technologies, including AI, cryptography, and distributed systems. From their own website - **Type:** VC firm (from a list, unverified) - **Cheque size:** $1.0M – $5.0M as they say - **Stages:** Seed Series A Series B Growth - **Sectors:** Finance Nfts Decentralized - **Based in:** Palo Alto, United States - **Cold pitches:** Accepted ## The record Every round we can evidence, newest first **81 appearances** - **2026** 7 rounds - **Sept** **[InfiniFi](https://millionrounds.com/company/infinifi)** Seed · US **$3.0M** With 1 other - **Jun** **[SharpLink](https://millionrounds.com/company/sharplink)** US **$75M** With 3 others - **Jun** **[Re](https://millionrounds.com/company/re)** Venture · US **Undisclosed** With 3 others - **Apr** **[Squads](https://millionrounds.com/company/squads)** TechStartups **$18M** With 5 others - **Apr** **[Hourglass](https://millionrounds.com/company/hourglass)** Venture · US **$1.1M** With 3 others - **Mar** **[Forum Markets](https://millionrounds.com/company/forum-markets)** Debt · US **$10M** With 3 others - **Jan** **[Squads](https://millionrounds.com/company/squads)** Venture **$46M** With 4 others - **2025** 10 rounds - **Nov** **[The San Francisco Compute Company](https://millionrounds.com/company/the-san-francisco-compute-company)** Series A · US **$40M** With 2 others - **Sept** **[Etherealize](https://millionrounds.com/company/etherealize)** Series A · US **$40M** With 1 other - **Aug** **[Hyperbeat](https://millionrounds.com/company/hyperbeat)** Seed · PA **$5.2M** With 2 others - **Jul** **[Sundial](https://millionrounds.com/company/sundial)** Series A · US · TechStartups **$16M** With 6 others - **Jul** **[Kuru](https://millionrounds.com/company/kuru)** Series A **$12M** With 1 other - **Apr** **[Unto Labs](https://millionrounds.com/company/unto-labs)** Seed · US **$14M** With 1 other - **Mar** **[Hibachi](https://millionrounds.com/company/hibachi)** Seed · US **$5.0M** With 1 other - **Mar** **[Axelar Network](https://millionrounds.com/company/axelar-network)** Token sale · CA **$30M** With 4 others - **Feb** **[InfiniFi](https://millionrounds.com/company/infinifi)** Pre-seed · US **$3.0M** Sole investor - **Jan** **[Layer3](https://millionrounds.com/company/layer3)** Venture · US **Undisclosed** With 2 others - **2024** 14 rounds - **Oct** **[HealthEx](https://millionrounds.com/company/healthex)** Series A · US **$14M** With 1 other - **Oct** **[Ellipsis Labs](https://millionrounds.com/company/ellipsis-labs)** Venture · US **$21M** With 3 others - **Sept** **[Infinit](https://millionrounds.com/company/infinit)** Venture **$6.0M** With 2 others - **Jul** **[Term Labs](https://millionrounds.com/company/term-labs)** Venture · US **$5.5M** With 3 others - **Jul** **[Bitnomial](https://millionrounds.com/company/bitnomial)** Venture · US **$25M** With 4 others - **Jun** **[Ava Protocol](https://millionrounds.com/company/ava-protocol)** Seed · US **$4.5M** With 3 others - **Jun** **[Wasabi](https://millionrounds.com/company/wasabi)** Seed · US **$3.0M** With 1 other - **Jun** **[MoreMarkets](https://millionrounds.com/company/moremarkets)** Grant · GB **$7.0M** With 2 others - **May** **[Kiosk](https://millionrounds.com/company/kiosk)** Seed · US **$10M** With 3 others - **May** **[Zeta Markets](https://millionrounds.com/company/zeta-markets)** Token sale · GB **$5.0M** With 4 others - **May** **[Re](https://millionrounds.com/company/re)** Venture · US **$7.0M** With 2 others - **Apr** **[Storm Labs](https://millionrounds.com/company/storm-labs)** Seed · US **$3.0M** With 2 others - **Feb** **[INIT Capital](https://millionrounds.com/company/init-capital)** Seed **$3.1M** With 2 others - **Feb** **[Delegate](https://millionrounds.com/company/delegate)** Seed · US **$9.0M** With 3 others - **2023** 10 rounds - **Dec** **[Shadow](https://millionrounds.com/company/shadow)** Seed · US **$9.0M** With 2 others - **Nov** **[Llama](https://millionrounds.com/company/llama)** Seed · US **$6.0M** With 3 others - **Nov** **[Kresko Labs](https://millionrounds.com/company/kresko-labs)** Seed · US **$1.8M** With 4 others - **Oct** **[Membrane Labs](https://millionrounds.com/company/membrane-labs)** Series A · US **$20M** With 4 others - **Oct** **[Integral Treasury](https://millionrounds.com/company/integral-treasury)** Venture · CA **Undisclosed** With 4 others - **Sept** **[Nestcoin](https://millionrounds.com/company/nestcoin)** Seed · ES **$1.9M** With 4 others - **May** **[Hourglass](https://millionrounds.com/company/hourglass)** Seed · US **$4.2M** With 3 others - **May** **[Anoma](https://millionrounds.com/company/anoma)** Series C · CH **$25M** With 2 others - **Apr** **[Yoz Labs](https://millionrounds.com/company/yoz-labs)** Seed · US **$3.5M** With 4 others An announcement gives the size of the round, not the size of this investor's cheque: the only rounds that imply a cheque are those where they were the sole named investor. ## The team Named by the firm itself, on a filing, its Form ADV or its company registration **3 named** AG **Avichal Garg** Managing Member of the General Partner i Filing they signed CS **Curtis Spencer** Managing Member of the General Partner i Filing they signed EM **Emily Meyers** Chief Compliance Officer i Form ADV We also hold **28** people at this firm from the lists this database was built from: a weaker source than the filings, since a list does not say when a title ended. Login to see them. ## What the register says From the firm's own filings with the SEC, which it must file accurately by law **$2.9B** assets it manages Oct 2026 **3+** funds on file numbered funds in its name **Registered** investment adviser full reporting to the SEC - **Legal name:** Electric Capital Partners, LLC - **SEC number:** CRD 296943 Funds on its Form ADV **13** private funds, **$1.8B** in gross assets · filed May 2024 Venture **12** Hedge **1** - Electric Capital Frontier Fund II, L.P. *Venture* 609 investors $737M - Electric Capital Venture Fund I, L.P. *Venture* 72 investors $347M - Electric Capital Venture Fund II, L.P. *Venture* 1,018 investors $305M - Electric Capital Venture Fund III, L.P. *Venture* 607 investors $203M - Electric Capital Partners Frontier Master Fund, L.P. *Hedge* 2 investors $173M - Electric Capital Partners VCF2, LLC *Venture* 4 investors $20M - ECP Opportunities C1, LLC *Venture* 3 investors $20M - ECP O2, LLC *Venture* 2 investors $18M - ATAG SPV 1, LLC *Venture* 4 investors $3.4M - Electric Capital Partners SPV V, LLC *Venture* 12 investors $1.7M And 3 more on the filing. ## What they claim to have backed From their own portfolio page (on their website) **47** of 60 we have independently watched raise [Aave](https://millionrounds.com/company/aave)[Anoma](https://millionrounds.com/company/anoma)[Atrium](https://millionrounds.com/company/atrium)[Avaprotocol](https://millionrounds.com/company/ava-protocol)[Aven](https://millionrounds.com/company/aven)[Bluenotehealth](https://millionrounds.com/company/bluenote-health)[Boomsupersonic](https://millionrounds.com/company/boom-supersonic)[Certora](https://millionrounds.com/company/certora)[Coinlist](https://millionrounds.com/company/coinlist)[Consensys](https://millionrounds.com/company/consensys)[Cozy](https://millionrounds.com/company/cozy)[Curve](https://millionrounds.com/company/curve)[Dialect](https://millionrounds.com/company/dialect)[Dydx](https://millionrounds.com/company/dydx)[Eigencloud](https://millionrounds.com/company/eigen-cloud)[Ellipsislabs](https://millionrounds.com/company/ellipsis-labs)[Etherealize](https://millionrounds.com/company/etherealize)[Hashflow](https://millionrounds.com/company/hashflow)[Healthex](https://millionrounds.com/company/healthex)[Hibachi](https://millionrounds.com/company/hibachi)[Hourglass](https://millionrounds.com/company/hourglass)[Hyperbeat](https://millionrounds.com/company/hyperbeat)[Immunefi](https://millionrounds.com/company/immunefi)[Infinifi](https://millionrounds.com/company/infinifi)[Jito](https://millionrounds.com/company/jito-labs)[Kiosk](https://millionrounds.com/company/kiosk)[Kraken](https://millionrounds.com/company/kraken)[Kuru](https://millionrounds.com/company/kuru)[Layer3](https://millionrounds.com/company/layer3)[Legend](https://millionrounds.com/company/legend)[Magiceden](https://millionrounds.com/company/magic-eden)[Membranelabs](https://millionrounds.com/company/membrane-labs)[Monad](https://millionrounds.com/company/monad)[Moremarkets](https://millionrounds.com/company/moremarkets)[Mystenlabs](https://millionrounds.com/company/mysten-labs)[Near](https://millionrounds.com/company/near)[Nestcoin](https://millionrounds.com/company/nestcoin)[Puffer](https://millionrounds.com/company/puffer)[Radicle](https://millionrounds.com/company/radicle)[Silo](https://millionrounds.com/company/silo)[Solana](https://millionrounds.com/company/solana)[Spruceid](https://millionrounds.com/company/spruce)[Squads](https://millionrounds.com/company/squads)[Untolabs](https://millionrounds.com/company/unto-labs)[View company →](https://millionrounds.com/company/re)[Wasabi](https://millionrounds.com/company/wasabi)[Waterfall](https://millionrounds.com/company/waterfall) Aerodrome Agentic-data Asula Auto Bitwiseinvestments Boost Bullet Chroniclebio Clusters Espressosys Fluid Genesisdigitalassets Infinit and 14 more Weaker than a round we watched, stronger than a list somebody sold us. A firm is far less willing to put a company on its own site that it never funded. New fund on file **$195M** raised in Sept 2026 From its SEC filing, not a journalist: a firm that has just raised has money to deploy. ## The cheque Seed Series A Series B Median round joined **$5.5M** the round, not its cheque Alone, median **$3.0M** Led 0 of 81 rounds **0%** - **Said size:** $1.0M – $5.0M - **Sole investor:** 3 rounds - **Last cheque:** Sept 2026 Rounds by stage said on their site - Seed said *36* - Venture *16* - Series A said *15* - Token sale *3* - Grant *2* - Series B said *-* - Growth said *-* Cheques by month Led Joined Nov 2023 Oct 2026 Often in the room with - [Coinbase Ventures](https://millionrounds.com/fund/coinbase) 22 - [Framework Ventures](https://millionrounds.com/fund/framework-ventures) 10 - [Dragonfly Capital Partners](https://millionrounds.com/fund/dragonfly-capital-partners) 8 - [GSR](https://millionrounds.com/fund/gsr) 8 - [Robot Ventures](https://millionrounds.com/fund/robot-ventures) 8 - [Paradigm](https://millionrounds.com/fund/paradigm) 7 **Pitching Electric Capital?** Put them on your fundraising board with this record on the card, and follow them to hear when they write a new cheque. Add to your CRM *→* ## Who they invest alongside The investors most often in the same rounds as Electric Capital. A count of rooms they were both in, not a relationship either has claimed. [**Coinbase Ventures** Corporate VC **22** rounds together](https://millionrounds.com/fund/coinbase)[**Framework Ventures** VC firm **10** rounds together](https://millionrounds.com/fund/framework-ventures)[**Dragonfly Capital Partners** VC firm **8** rounds together](https://millionrounds.com/fund/dragonfly-capital-partners)[**GSR** VC firm **8** rounds together](https://millionrounds.com/fund/gsr)[**Robot Ventures** VC firm **8** rounds together](https://millionrounds.com/fund/robot-ventures)[**Paradigm** VC firm **7** rounds together](https://millionrounds.com/fund/paradigm)[**Y Combinator** Accelerator **6** rounds together](https://millionrounds.com/fund/y-combinator)[**Polychain** VC firm **5** rounds together](https://millionrounds.com/fund/polychain)[**Slow Ventures** VC firm **5** rounds together](https://millionrounds.com/fund/slow-ventures)[**Tribe Capital** VC firm **5** rounds together](https://millionrounds.com/fund/tribe-capital)[**Galaxy Digital** Private equity **4** rounds together](https://millionrounds.com/fund/galaxy-digital)[**Multicoin Capital** VC firm **4** rounds together](https://millionrounds.com/fund/multicoin-capital) ## Recently backed The latest companies Electric Capital put money into. [**InfiniFi** $3.0M · Sept 2026](https://millionrounds.com/company/infinifi)[**Hourglass** $1.1M · Apr 2026](https://millionrounds.com/company/hourglass)[**Forum Markets** $10M · Mar 2026](https://millionrounds.com/company/forum-markets)[**Etherealize** $40M · Sept 2025](https://millionrounds.com/company/etherealize)[**Hyperbeat** $5.2M · Aug 2025](https://millionrounds.com/company/hyperbeat)[**Sundial** $16M · Jul 2025](https://millionrounds.com/company/sundial) ## On podcasts 1 episode naming Electric Capital in the title, and 4 more that mention it. - [The Twenty Minute VC](https://millionrounds.com/podcasts/20vc) 11 Apr 2022 · 57 min 20VC: Why Crypto is Software Eating Money, Why Crypto Firms Will Outcompete Traditional Venture Firms, How To Price Tokens and When To Have Them, DAOs: How Are They Structured and What Makes One Successful with Avichal Garg, Co-Founder @ Electric Capital With [Avichal Garg](https://millionrounds.com/person/avichal-garg) Mentions [Electric Capital](https://millionrounds.com/fund/electric-capital)[Katie Haun](https://millionrounds.com/person/katie-haun) Apple PodcastsShow page ### Mentioned in - [How I Invest](https://millionrounds.com/podcasts/how-i-invest) 31 Oct 2025 · 1h 4m E233: Why Stablecoins Could Rewrite Global Finance, Faster Than Anyone Thinks Apple PodcastsShow page - [Greymatter](https://millionrounds.com/podcasts/greymatter) 18 Aug 2022 · 41 min Espresso | Privacy and Scalability for Web3 Apple PodcastsShow page - [Capital Allocators](https://millionrounds.com/podcasts/capital-allocators) 4 Aug 2022 · 55 min Avichal Garg – Programmer-Centric Crypto Investing at Electric (Manager Meetings, EP.34) Apple PodcastsShow page - [Village Global Podcast](https://millionrounds.com/podcasts/village-global) 26 Jul 2022 · 59 min Web 3 Series: The Trillion Dollar Opportunity to Reshape Money with Avichal Garg Apple PodcastsShow page ## Quick answers about Electric Capital ### What does Electric Capital invest in? Electric Capital invests most often at Seed and Venture (72% of the rounds on record), in sectors such as Finance, Nfts and Decentralized. ### How active is Electric Capital? 81 investments on record, 8 of them in the last 12 months. The most recent was in Sept 2026. ### What has Electric Capital invested in recently? Its most recent investments on record: InfiniFi (Seed, Sept 2026), SharpLink (Undisclosed round, Jun 2026) and Re (Venture, Jun 2026). ### How big are Electric Capital's cheques? The median round it joins is $5.5M. It says it writes cheques of $1.0M to $5.0M. ### Does Electric Capital lead rounds? Rarely, if at all: none of its 81 investments on record names it as the lead. ### Where does Electric Capital invest? Most of the companies it backs are in the United States (80%), Canada (6%) and the United Kingdom (6%). ### Is Electric Capital investing now? Yes: it is actively investing, with 8 investments in the last 12 months. ### Who does Electric Capital invest alongside? Most often Coinbase Ventures (22 rounds together), Framework Ventures (10 rounds together) and Dragonfly Capital Partners (8 rounds together). ## Raising now? Find the investors who back rounds like yours, and keep every conversation on one fundraising board. Find similar investorsOpen your CRM Built from the rounds we watched, its filings and its own website, refreshed every night. [How we count](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections?slug=electric-capital) · [Is this your firm? Claim it](https://millionrounds.com/claim?org=electric-capital)