Dragonfly Capital Has Raised $650 Million For Its Third Cryptocurrency Fund

Dragonfly Capital has completed its third fund with $650 million in capital, increasing its total assets under management to nearly $3 billion, according to a company spokesman.

To create “new digital economies,” the fund will invest in blockchain and crypto businesses at all stages of development. Limited partners included Tiger Global, KKR, and Sequoia China, all of which are global investment behemoths.

The firm’s previous two funds raised a total of $300 million, which has more than doubled in the current Dragonfly Ventures III fund. The size of the new fund puts Dragonfly on par with Sequoia Capital and Bain Capital. Both recently announced crypto commitments totaling around $600 million, suggesting that the venture capital frenzy that propelled record-high fund sizes last year hasn’t subsided.

Dragonfly Capital Investments

Dragonfly has invested in about 60 companies through two prior funds, which raised $100 million and $225 million in 2018 and 2021, respectively. At all stages of development, Dragonfly seeks to invest in blockchain and crypto-native enterprises, protocols, and currencies. Since its founding in 2018, Dragonfly Capital has invested in startups such as Avalanche, a smart contracts platform, Near Protocol, MakerDAO, and Matter Labs, a layer one blockchain platform.

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