Dragonfly Capital, a well-known venture capital corporation operating in the cryptocurrency sector, has announced its third round of funding worth $650 million. This figure exceeds the previous two rounds of $100 million in October 2018 and $200 million in December 2020.
The $650 million raise involved Tiger Global, KKR, Sequoia China and Invesco, among others, and slightly exceeds the $500 million originally filed with the Securities and Exchange Commission on Form D in January.
The introduction of Dragonfly Fund III was linked to a promise to distribute financial support for projects at the seed level to the level of Series B funding in the sectors of decentralized finance, cryptocurrency gaming, and the metaverse, among others.
Hmm, anons! We’re launching Dragonfly Fund III, a $650M crypto-currency venture capital fund, our largest fund ever. With this new fund, we will support the founders throughout their cryptocurrency lifecycle. Glad to be a small part of the next chapter in this industry. https://t.co/YuN5oz1v9v — Hasib Qureshi (@hosseeb) April 27, 2022
The Cayman Islands-based corporation is often at the forefront of the industry’s most notable venture capital investments, having invested in 54 projects including the $12 million private token sale of Avalanche in June 2020, the $2 million seed round of Dune Analytics in September 2020, and Dydx. Among others, a $10 million Series A in October 2018.