Share this article
BTC
$107,164.63
+
1.43%ETH
$2,519.78
+
0.39%USDT
$1.0005
+
0.02%XRP
$2.2491
-
0.82%BNB
$654.08
+
0.62%SOL
$153.60
+
2.58%USDC
$0.9998
+
0.01%DOGE
$0.1833
+
0.17%TRX
$0.2829
-
0.75%ADA
$0.6674
-
0.35%HYPE
$36.66
+
4.91%SUI
$3.3037
+
3.64%LINK
$13.80
+
0.45%AVAX
$20.65
+
0.65%LEO
$9.0948
-
1.13%BCH
$417.90
+
0.47%XLM
$0.2655
-
1.98%TON
$3.1991
+
1.37%SHIB
$0.0₄1254
+
0.06%HBAR
$0.1698
-
0.07%Crypto VC Firm Dragonfly Raising $500M for New Fund, Documents Show
The firm previously raised over $300 million across two funds.
By Brandy Betz
Updated May 11, 2023, 7:16 p.m. Published Jan 25, 2022, 8:22 p.m.
Crypto venture capital firm Dragonfly Capital Partners is raising $500 million for a new fund, according to a new regulatory filing.
The Dragonfly Ventures III Feeder fund has a $500 million target and hasn’t accepted its first investment yet. Dragonfly indicated that it doesn’t expect the offering to remain open for more than one year.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newslettersBy signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy.
If the raise is a success, Dragonfly will be the latest high-value fund to emerge in recent months. Paradigm smashed records with a $2.5 billion fund announced in November. Andreessen Horowitz is reportedly doubling down on its already-prodigious crypto war chest with a $4.5 billion target for a pair of new funds.
That main difference with Dragonfly’s effort: The crypto market is currently a sea of red. Will it be enough to spook prospective investors?
Dragonfly had not replied to a CoinDesk email by the time of publication.
Read more: MakerDAO’s Rune Christensen Joins VC Firm Dragonfly Capital
Launched in 2018 with $100 million in assets under management (AUM), Dragonfly is an investment firm focusing on cryptocurrencies, new protocols and startups.
Dragonfly has raised over $300 million across two funds. The most recent was the Dragonfly Ventures Fund II, which launched in late 2020 with a target of raising $200 million.
The Dragonfly portfolio includes the Avalanche blockchain, crypto exchange Bybit and blockchain interoperability project Cosmos. The venture capital firm recently joined the $150 million funding round for the Near blockchain.
According to one partner’s LinkedIn profile, the firm now has over $2 billion in AUM.
Brandy Betz
Brandy covered crypto-related venture capital deals for CoinDesk. She previously served as the Technology News Editor at Seeking Alpha and covered healthcare stocks for The Motley Fool. She doesn't currently own any substantial amount of crypto.
Top Stories
