Dragonfly Capital is raising $500 million for new fund
January 25, 2022, 4:51PM EST
1 min read
Dragonfly Capital, a crypto-focused venture capital firm, is raising $500 million for a new fund, according to a filing submitted with the Securities and Exchange Commission.
The new fund, dubbed Dragonfly Ventures III Feeder, will join a number of newly launched investment vehicles in the space, including Paradigm's $2.5 billion venture fund and crypto exchange FTX's newly launched fund.
Dragonfly had also launched a $225 million fund in March of 2021 that was focused on non-fungible token (NFT), Ethereum Layer 2 solutions and related businesses, decentralized finance (DeFi) and centralized finance infrastructure, The Block previously reported.
The venture firm backed numerous funding rounds for crypto startups within the past year, such as the DeFi “credit score” protocol ARCx, the smart contract automation project Gelato Network and the Web3 investment firm Folius Ventures LLC.
As per the LinkedIn profile of Dragonfly partner Mia Deng, the firm manages $2 billion—making it one of the largest venture investment firms in the crypto market.
Today the always-on demands of online markets have to be matched with the ability to access opportunities instantly and with no limits. Historically correspondent banks would move large sums of money for those needing to transfer funds while creating bottlenecks of unnecessary friction.
Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.