HomeNewsDragonfly’s third crypto fund seeks to invest $650M in crypto startups

Dragonfly’s third crypto fund seeks to invest $650M in crypto startups

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Dragonfly Capital, a popular cryptocurrency venture capitalist, on Wednesday revealed the launch of its third cryptocurrency fund that seeks to invest a substantial capital of $650 million in crypto and blockchain-related companies, media outlet TechCrunch reported.

Called the Dragonfly Fund III, the new crypto fund was oversubscribed after the company’s January filing revealed a $500 million funding target. Tiger Global, KKR, Sequoia China, Ivy League endowments, Invesco, Top Tier Capital Partners, and an undisclosed Southeast Asian state-owned investment company, invested in the funding.

Previously, the venture capitalist launched two funds in 2018 and 2021 for $100 million and $225 million, respectively, less than half the combined worth of its third fund. Haseeb Qureshi, a managing partner at Dragonfly told TechCrunch:

“We see more opportunities across the different stages and through the lifecycle of a company or protocol. Also, the market has also grown so much. When we first started investing, the entire market for crypto was a few hundreds of billions and now it’s in the multitrillions.”

Cryptocurrency startups are increasingly seeing investments from venture capitalists and institutional investors as demand for the products rises. The latest report by CB Insights revealed that venture capitalists poured about $9.2 billion through 461 deals in the first quarter of 2022.



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