Dragonfly Capital Closes $650M Oversubscribed Crypto Venture Fund III
The company will expand its global seed portfolio crypto and blockchain investments
SAN FRANCISCO and NEW YORK, May 9, 2022 /PRNewswire/ — Dragonfly Capital (“Dragonfly”), a global crypto-focused investment firm, today announced the final closing of its third venture capital fund, Dragonfly Ventures III, LP (“Fund III ”) with capital commitments from the limited partners of $650 millionexceeding the Fund’s initial objective of $500 million. The oversubscribed fund closed at its absolute high and received strong support from institutional sponsors, including major Ivy League endowment funds, KKR, Tiger Global, Sequoia China, Invesco, US pensions and sovereign wealth funds.
Dragonfly previously closed Dragonfly Ventures II in 2021 after raising over $250 million. The new fund enhances the company’s ability to invest in all-stage blockchain and cryptocurrency companies, native protocols and tokens looking to create new digital economies. Dragonfly will leverage the team’s investment track record and global tech-first approach to investing in crypto companies.
“Dragonfly has always been different because of two things: our holistic approach to investing, which reflects the borderless nature of crypto, and our technical bent, as most of our team understands crypto technology from first principles. In Fund III, we’ll be doubling down on supporting upcoming breakthroughs in crypto infrastructure, DeFi, scaling smart contracts, and game-changing consumer products like NFTs, crypto games, and DAOs. t’s an exciting time in the history of Web3 and we look forward to partnering with the next generation of builders,” mentioned Haseeb Qureshimanaging partner at Dragonfly.
“We look forward to continuing to do what we love – working closely with founders from the earliest stages to build generational businesses in crypto. Most of our investment team have experience working in startups industry and we’re leveraging this hands-on experience to help entrepreneurs navigate the difficult stages of building amazing businesses in this space,” said Thomas Schmidtgeneral partner at Dragonfly.
Since its inception in 2018, Dragonfly has established a solid track record and invested over $700 million of capital in seed, series A, series B and liquid crypto transactions. To date, the company has made early investments in many leading projects and companies, including Avalanche, NEAR Protocol, Compound, MakerDAO, 1inch, Matter Labs, Amber Group, Anchorage, Bybit, and Dune Analytics.
About Dragonfly Capital
Dragonfly Capital (“Dragonfly”) is a leading global crypto-focused investment firm that partners with crypto founders at all stages of development, from seed, to Series D, to liquid tokens. With a global team of over 40 professionals, Dragonfly is focused on working closely with founders to solve their most relevant technology, product, and go-to-market issues. For more information, please visit https://dcp.capital.
Funds managed by Dragonfly Capital and its affiliates are only available to accredited investors. The foregoing is for informational purposes only and does not constitute an offer to buy or sell securities, and should not be relied upon as the basis for any investment decision. Investing in crypto assets is highly speculative and the market is largely unregulated.
SOURCE Dragonfly Capital