High-tech founder throws hats in California governor race

As reported by Axios, Tech founder Ethan Agarwal, who raises tens of millions of dollars from VCS at two startups and tens of millions of dollars from VCS, is running for the 2026 California governor seat.

Axios described Agarwal as “a Democrat who believes in capitalism.” He told the outlet he was worried about increasing the cost of living and doing business primarily in the state, which led to the departure of residents and other opportunities such as filmmaking.

“Using business and tech insights, California can fix things in ways other candidates in the race don’t,” he told Axios.

Agarwal previously co-founded fintech startup The Coterie. It raised $80 million from VCS and was sold before the assets were sold earlier this year. He also co-founded Aaptiv, an audio-centric fitness app. It raised about $61 million before it was sold to Pear Health Labs on private terms.

Agarwal has already planned a fundraising event for the campaign, with hosts including Doordash co-founder Stanley Tang and Y Combinator president Garry Tan investing in Coterie through the venture’s initialized capital.

He has already updated his LinkedIn profile to list his latest position as a “nominee for governor.”