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Dragon Capital Raises $650M for Its 3rd Crypto Fund
Summary: Dragonfly Capital, a crypto asset investment firm, announced Wednesday it has raised $650 million for the launch of its third crypto fund, according to a blog post by managing partner Haseeb Qureshi. The former professional poker player Qureshi also took to Twitter, where he said, “Gm anons! We're launching Dragonfly Fund III, a $650M crypto ...
Dragonfly Capital, a crypto asset investment firm, announced Wednesday it has raised $650 million for the launch of its third crypto fund, according to a blog post by managing partner Haseeb Qureshi.
The former professional poker player Qureshi also took to Twitter, where he said, “Gm anons! We're launching Dragonfly Fund III, a $650M crypto venture fund—our largest fund ever. With this new fund, we'll be backing founders all across their lifecycle in crypto. Excited to be a small part of the next chapter of this industry. Crypto asset investment firm Dragonfly Capital has raised $650 million for the launch of its third fund.”
The new fund, called Dragonfly Fund III, will aim to provide the next generation of startup founders support and funding along their journey. Qureshi noted that the next five years are crucial in the digital world with so many changes happening frequently.
“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,” Qureshi said.
The company with approximately $3 billion in assets under management wants to be at the forefront of that ever-changing world.
According to regulatory filings from January, the fund was meant to be $500 million, however the fund was oversubscribed bringing that final figure $150 million over target. The amount raised is their largest one yet surpassing both their inaugural $100 million round and their subsequent $225 million round combined.
Backers of the new fund include Tiger Global, KKR and Sequoia China, along with several undisclosed Ivy League universities and an unnamed Southeast Asian state-owned investment company.
The Dragonfly Fund III comes as other major funds have launched, including Sequoia Capital’s own $600 million fund dedicated to investing in digital assets. In addition, venture capital giant Andreessen Horowitzs revealed intentions to build a massive $4.5 billion fund to invest in crypto companies.
Author: Tyler Irvin
Tags: Dragonfly Capital,Sequoia Capital,Tiger Global
Link: Dragon Capital Raises $650M for Its 3rd Crypto Fund [Copy]
