Dragonfly Cash, a global crypto-focused investment business, announced the full completion of its third venture fund, Dragonfly Ventures III, L.P. (Fund III), with $650 million in capital commitments from limited partners, exceeding the Fund’s original $500 million target. The fund was oversubscribed and got strong support from institutional limited partners such as top Ivy League endowments, KKR, Tiger Global, Sequoia China, Invesco, US pension funds, and sovereign wealth funds.
Dragonfly will build on the team’s investment track record and its global, technologist first approach to investing in crypto companies.
Dragonfly Ventures II was previously closed in 2021 after raising more than $250 million. The new fund expands the firm’s ability to invest in blockchain and cryptocurrency startups, native protocols, and tokens that aim to build new digital economies at all stages.
Haseeb Qureshi, Managing Partner, Dragonfly: “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 Fund 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.”
Since its inception in 2018, Dragonfly has established a strong track record and invested over $700 million of capital across seed, series A, series B, and liquid crypto deals. To date, the firm has made early investments in many top projects and companies, including Avalanche, NEAR Protocol, Compound, MakerDAO, 1inch, Matter Labs, Amber Group, Anchorage, Bybit, and Dune Analytics.
Tom Schmidt, General Partner, Dragonfly: “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. 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.”
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