Dragonfly Capital Launches $650M Venture Fund

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The cryp­to-focussed invest­ment firm Drag­on­fly Cap­i­tal has announced clos­ing its third fund with $650 mil­lion in cap­i­tal. Some of the lim­it­ed part­ners were Tiger Glob­al, KKR, Sequoia Chi­na, Ivy League endow­ments, Invesco, and Top Tier Cap­i­tal Part­ners, among others.

Dragonfly Fund III

Dubbed “Drag­on­fly Fund III,” the fund’s val­u­a­tion is twice that of the pre­vi­ous two, which totaled $300 mil­lion com­bined. Accord­ing to the fil­ing with the US Secu­ri­ties and Exchange Com­mis­sion ear­li­er this year, Drag­on­fly Cap­i­tal ini­tial­ly intend­ed to raise $500 million.

The focus areas of the firm’s third fund will be across all the stages of blockchain and cryp­to com­pa­nies, pro­to­cols, and tokens that aim to devel­op “new dig­i­tal economies.” Addi­tion­al­ly, the new ini­tia­tive is expect­ed to enable Drag­on­fly Cap­i­tal to lead rounds in lat­er-stage companies.

Its man­ag­ing part­ner, Haseeb Qureshi, revealed that the firm plans to invest in sev­er­al bur­geon­ing sec­tors. These include play-to-earn gam­ing, decen­tral­ized autonomous orga­ni­za­tions (DAOs) infra­struc­ture, and web3 devel­op­er tool­ing, in addi­tion to decen­tral­ized finance (DeFi), smart con­tracts, non-fun­gi­ble tokens (NFTs), and the metaverse.

Qureshi also said,

“The next gen­er­a­tion of start­up founders are now emi­grat­ing from web2. (Wel­come!) The L1 wars are heat­ing up, the race to build the meta­verse is on, DeFi is matur­ing, cryp­to gam­ing now seems inevitable, and the finan­cial infra­struc­ture is insti­tu­tion­al­iz­ing. There’s so, so much to build, and with our Fund III, we’re bet­ter equipped to back founders all along their jour­ney, from seed to Series B and beyond.”

Since its incep­tion in 2018, Drag­on­fly Cap­i­tal has been quite active in the cryp­to ecosys­tem and has backed sev­er­al projects. Some of the names are Avalanche, Near, Bybit, Mat­ter Labs, Anchor­age, Amber, Frax, Cos­mos, Dune Ana­lyt­ics, Mak­er­DAO, Com­pound, and 1inch, among others.

Sequoia’s Commitment

Anoth­er evi­dence of the grow­ing trend of funds and investors pour­ing mon­ey into the cryp­to sec­tor is Sequoia Capital’s $600 mil­lion com­mit­ment via a cryp­tocur­ren­cy-focused fund. Sequoia, which hap­pens to be one of the old­est and most influ­en­tial ven­ture cap­i­tal firms, announced the launch of a stand­alone cryp­to fund that will focus pri­mar­i­ly on liq­uid tokens and dig­i­tal assets.

The Sequoia Cryp­to Fund is part of the 50-year-old firm’s broad­er struc­ture revamp that includes enabling greater flex­i­bil­i­ty to hold posi­tions in pub­lic com­pa­nies, etc., and would be one of three new sub-funds under the pri­ma­ry Sequoia Cap­i­tal Fund.

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