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Dragonfly Capital raises fresh funds worth $650 million

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  • Dragonfly Capital has hit its third asset with $650 million in capital 
  • The association’s assets under management have touched around $3 billion 
  • The asset will zero in on all phases of blockchain and crypto organizations making new computerized economies 

Limited accomplices included worldwide venture goliaths Tiger Global, KKR and Sequoia China, among others. CoinDesk recently wrote about the presence of the asset in January when administrative filings showed a $500 million objective.

The new Dragonfly Ventures III asset dramatically increases the $300 million brought up in the association’s earlier two assets consolidated. The new asset’s size places Dragonfly comparable to Sequoia Capital and Bain Capital, which each as of late made almost $600 million crypto responsibilities, and further demonstrates that the investment free for all that drove record high asset measures last year hasn’t dialed back.

Established in 2018, Dragonfly Capital’s venture portfolio incorporates savvy contracts stage Avalanche, layer 1 blockchain stage Near Protocol, DAI token maker MakerDAO and zkSync maker Matter Labs, among others.

Market leader 

The new asset will permit Dragonfly Capital to lead adjusts in later-stage organizations, Dragonfly Capital General Partner Tom Schmidt told CoinDesk in an email.

Since initiation, we have generally supported pioneers at earliest stages, and kept on maneuvering our portfolio organizations into later stages. 

We haven’t consistently had the assets to lead further adjusts and twofold down in groups we trust in, Schmidt said. With Fund III, we can back groups all through their lifecycle and new organizers as their organizations mature.

The crypto market is indicating that things are not pulling back as assets and financial backers the same keep on conveying gigantic measures of capital into the environment. The present proof of the pattern: Dragonfly Capital, a crypto-focused trading company, shut its third endeavor store for $650 million, the company’s overseeing accomplice, Haseeb Qureshi, told TechCrunch.

The asset was oversubscribed, with restricted accomplices including Tiger Global, KKR, Sequoia China, Ivy League blessings, Invesco, Top Tier Capital Partners, and an undisclosed Southeast Asian state-possessed venture organization, among others. 

Dragonfly Capital with an aim

The firm at first wanted to raise $500 million, as indicated by a documenting with the U.S. Protections and Exchange Commission in January 2022. Until this point in time, Dragonfly has put resources into just about 60 organizations through its past assets sent off in 2018 and 2021 for $100 million and $225 million, separately. 

Also read: Bored Ape Yacht Club compromised again; lost nearly $3 million worth of NFTs

Dragonfly intends to concentrate its ventures across all phases of blockchain and crypto-local organizations, conventions, and tokens. Moreover, the capital scene has changed emphatically since Dragonfly’s past assets, Qureshi said. 

There’s much more comprehension of the significance of crypto. There’s significantly more premium in crypto speculations from customary VCs or crypto VCs, yet in addition conventional establishments that are presently getting into crypto ventures since they understand how significant this stuff is.

Subsequent to functioning as a computer programmer, Qureshi got the crypto bug in 2017, he kidded. Furthermore, in the span of a year, his firm sent off its first asset with a speculation group comprised of a modest bunch of ex-nerds from PC researchers to coders, Qureshi said.

Nancy J. Allen
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