An organization spokesperson informed CoinDesk that Dragonfly Capital has closed its 3rd fund with $650 million in capital, pushing its property below control to round $three billion. Along with Tiger International, KKR and Sequoia China as restricted companions, the fund will center of attention on blockchain and crypto firms growing “new virtual economies.”
Preliminary plans known as for elevating $500 million, in step with a submitting with the Securities and Change Fee in January 2022.
Thru its earlier budget introduced in 2018 and 2021 for $100 million and $225 million respectively, Dragonfly has invested in virtually 60 firms. Dragonfly is making plans to put money into blockchain and crypto-native firms, protocols, and tokens in any respect levels.
In relation to dimension, Dragonfly is on par with Sequoia Capital and Bain Capital, which each and every not too long ago made just about $600 million in crypto investments, which presentations that crypto funding is a all of a sudden rising marketplace.
As of 2018, Dragonfly Capital’s portfolio contains the good contracts platform Avalanche, blockchain layer 1 platform Close to Protocol, DAI token writer MakerDAO and zkSync writer Topic Labs.
“We see extra alternatives around the other levels and in the course of the lifecycle of an organization or protocol,” the company’s managing spouse, Haseeb Qureshi, informed TechCrunch. “Additionally, the marketplace has additionally grown such a lot. Once we first began making an investment, all the marketplace for crypto used to be a couple of masses of billions and now it’s within the multitrillions.”
In an electronic mail to CoinDesk, Dragonfly Capital Common Spouse Tom Schmidt stated the brand new fund will permit the company to steer rounds in later-stage firms.
“Since inception, we now have at all times sponsored founders at earliest levels, and endured to again our portfolio firms into later levels. We haven’t at all times had the budget to steer additional rounds and double down on groups we imagine in,” Schmidt stated. “With Fund III, we will again groups all the way through their lifecycle and new founders as their firms mature.”
