US-based crypto-focused investment firm Dragonfly Capital today announced a $650 million — ‘Fund III’ –one of its largest, to back the most disruptive founders, protocol builders, and hackers of this generation.
The new fund enhances the firm’s capacity to invest across all stages of blockchain and cryptocurrency companies, native protocols, and tokens that seek to create new digital economies. Dragonfly previously closed Dragonfly Ventures II in 2021 after raising over $250 million in total commitments.
“Dragonfly has always been different because of two things: our global 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 Dragonfly Ventures III, we will double down on backing the next breakthroughs in crypto infrastructure, DeFi, smart contract scaling, and breakthrough consumer products like NFTs, crypto games, and DAOs. It’s an exciting moment in the history of web3, and we’re eager to partner with the next generation of builders,” said Haseeb Qureshi, Managing Partner at Dragonfly Capital.
“With Dragonfly III, we’re looking forward to continuing to do what we love — working closely with founders at the very earliest stages to build generational companies in crypto — while now being able to support into later stages and beyond. Most of our investment team previously worked at crypto startups, and we lean on this hands-on experience to help entrepreneurs navigate the difficult parts of creating amazing companies in this space,” said Tom Schmidt, General Partner at Dragonfly Capital.
Since its inception in 2018, Dragonfly has established a strong track record and invested over $700 million of capital. To date, the firm has made early investments in multiple projects and companies, including Avalanche, NEAR Protocol, Compound, MakerDAO, 1inch, Matter Labs, Amber Group, Anchorage, Bybit, Dune Analytics, among others. Fund III LPs include leading Ivy League endowments, Tiger Global, KKR, Sequoia China, Invesco, Top Tier Capital Partners, and a leading Southeast Asian state-owned investment company, among others.
Dragonfly Capital partners with crypto founders in all stages of development, from seed to Series D, to liquid tokens. With a global team, Dragonfly Capital focuses on working closely with founders to solve their most pertinent problems on tech, product and go to market.