Electric Capital, a venture capital firm focused on Web3 protocols, has raised $1 billion to fund crypto networks and blockchain-enabled businesses. Although Electric Capital did not name investors that participated in the funding, the firm said in a press release it will continue to invest between $1 million and $20 million in equity and tokens in NFTs, DeFi, DAOs, and Web3 protocols.
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Curtis Spencer, Electric Capital Co-Founder, said the firm has spent the last four years "building software and data systems that enable us to participate in Web3 ecosystems." Spencer continued:
"We look forward to continuing to push the frontier of how investors and protocols can create value together."
In February 2021, Celo attracted $20 million from Andreessen Horowitz (a16z), Greenfield One, and Electric Capital. Katie Haun, General Partner at a16z, said the capital firm believes Celo can "dramatically reduce fees" and make digital payments instantaneous and global.
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