Dragonfly Capital raises $650M in tertiary funding round
Dragonfly, a well-established figure within the venture capital scene, will utilize the capital to invest in early- to mid-term projects within the crypto ecosystem.
Dragonfly Capital, a prominent venture capital corporation operating in the cryptocurrency sector, has announced its third funding round, valued at $650 million. The figure surpasses its two prior rounds of $100 million in October 2018 and $200 million in December 2020.
The $650 million raise saw participation from Tiger Global, KKR, Sequoia China and Invesco, among others, and arrived at slightly higher than the $500 million initially declared to the Securities and Exchange Commission in a Form D filing in January.
The introduction of Dragonfly Fund III was coupled with a pledge to distribute financial support to projects at seed to Series B funding levels within the sectors of decentralized finance, crypto gaming and the metaverse, among others.
Gm anons!
We’re launching Dragonfly Fund III, a $650M crypto venture fund—our largest fund ever.
With this new fund, we’ll be be backing founders all across their lifecycle in crypto.
Excited to be a small part of the next chapter of this industry.https://t.co/YuN5oz1v9v
— Haseeb Qureshi (@hosseeb) April 27, 2022
The Cayman Island-based corporation is often positioned at the forefront of the industry’s most prominent venture raises, having invested in 54 projects, including Avalanche’s $12 million private token sale in June 2020, Dune Analytics’ $2 million seed round in September 2020, and Dydx’s $10 million Series A in October 2018, among others.