Tech founder Ethan Agarwal, who has raised tens of millions of dollars from VCs across two startups, is running for the 2026 California gubernatorial seat, as reported by Axios.

Axios described Agarwal as a “Democrat who believes in capitalism.” He told the outlet he’s mainly concerned about the increased cost of living and doing business in the state, which has led to the departure of residents and other opportunities, such as film productions.

California “could use some business and tech acumen to fix things in a way that other candidates in the race won’t,” he told Axios.

Agarwal previously co-founded fintech startup The Coterie, which raised $80 million from VCs, according to PitchBook, before its assets were sold earlier this year. He also co-founded Aaptiv, an audio-focused fitness app that raised roughly $61 million before being sold to Pear Health Labs for undisclosed terms.

Agarwal has already planned campaign fundraising events, with hosts including DoorDash co-founder Stanley Tang and Y Combinator President Garry Tan, who invested in The Coterie through his venture firm Initialized Capital.

He has already updated his LinkedIn profile to list his latest position as “Candidate for Governor.”