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Venture Capital

Electric Capital

Data-driven technical fund focused on developer ecosystems and blockchain infrastructure

San Francisco, USAEst. 2018Multiple funds — several hundred million AUM
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Quick Facts

Best For
Developer platform and infrastructure founders who want a technically engaged investor with engineering resources and ecosystem data
Check Size
$500K–$25M
Stage
Seed through Series A

Overview

Electric Capital is distinguished by its technical team (co-founded by former Facebook and Google engineers) and its data-driven approach to investing — most famously through its annual Developer Report, the most widely cited analysis of developer activity across blockchain ecosystems globally. The fund focuses on early-stage investments in blockchain infrastructure and developer platform plays, betting on the tools, protocols, and ecosystems that developers actually use. Electric's in-house engineering team contributes to open-source projects in their portfolio, providing rare technical value-add alongside capital.

Focus Areas

Blockchain Developer PlatformsInfrastructure & ToolingL1 & L2 EcosystemsDeveloper-facing ProtocolsOpen Source InfrastructureCross-chain Technology

Who They Back

Developer Tool BuildersInfrastructure Protocol TeamsOpen Source Blockchain ProjectsCross-chain Infrastructure

Notable Portfolio

Near ProtocolCeloDfinityBitqueryGoldfinch

Key Partners

  • Avichal Garg (Co-founder)
  • Curtis Spencer (Co-founder)

How to Approach

Technical pitches with clear developer ecosystem theses; Electric's Developer Report provides insight into which ecosystems they're watching

Frequently Asked Questions about Electric Capital

What types of projects does Electric Capital back?
Electric Capital focuses on blockchain developer platforms, infrastructure and tooling, L1 and L2 ecosystems, developer-facing protocols, open source blockchain infrastructure, and cross-chain technology. The fund's thesis is that developer activity is the most reliable leading indicator of long-term ecosystem success — a thesis operationalised through its annual Developer Report, the most widely cited analysis of blockchain developer activity globally.
What is Electric Capital's check size range?
Electric Capital writes checks from $500K to $25M, focusing primarily on seed through Series A investments. The fund's range reflects its early-stage conviction — it wants to be in before a project has full market validation, backing the technical teams whose developer ecosystem bets it believes in based on its unique on-chain data advantage.
What makes Electric Capital's team distinctive?
Electric Capital was co-founded by Avichal Garg and Curtis Spencer — both former engineers at Facebook and Google. This engineering background means the fund evaluates technical pitches with a depth most investment teams cannot match, and the firm's in-house engineering team actively contributes to open-source projects in its portfolio, providing hands-on technical value-add that goes far beyond writing a check.
Does Electric Capital offer technical value-add beyond capital?
Yes — Electric's in-house engineering team contributes to open-source projects in their portfolio, a rare and genuine form of technical support. For developer-tool and infrastructure founders who value a technically engaged investor willing to write code alongside them, Electric is genuinely differentiated. The fund's access to cross-ecosystem developer data through the Developer Report also provides portfolio companies with unique competitive intelligence.
How do I approach Electric Capital?
Technical pitches with clear developer ecosystem theses are the most effective approach — the fund's investment process is explicitly developer-data-driven, so understanding which ecosystems Electric is watching (via their public Developer Report) gives founders a significant advantage in framing their pitch. Warm introductions via existing portfolio companies or ecosystem infrastructure builders are the preferred channel.
What stage does Electric Capital primarily invest at?
Electric Capital focuses on seed through Series A investments, targeting the early stages when developer ecosystem positioning is being established. The fund's conviction is strongest when it can get in early on the teams building foundational developer infrastructure — before the market has validated the ecosystem and before valuations reflect mainstream consensus.

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