Dragonfly Capital Launches $650M Web 3.0 FundMathew Chavez
Investment company Dragonfly Capital has opened a new venture capital fund with a capital of $650 million.
We’re launching Dragonfly Fund III, a $650M crypto venture fund—our largest fund ever.
With this new fund, we’ll be be backing founders all across their lifecycle in crypto.
Excited to be a small part of the next chapter of this industry.https://t.co/YuN5oz1v9v
— Haseeb Qureshi (@hosseeb) April 27, 2022
The fund will focus on Web 3.0 application developers. Company representative comment CoinDesk said that with its launch, Dragonfly Capital’s assets reached approximately $3 billion.
“This new generation of entrepreneurs has a lot of energy and enthusiasm for a decentralized future,” said company managing partner Hasib Qureshi.
The structure was supported by Tiger Global and KKR. According to The Block, several university Ivy League foundations also took part. The company refused to disclose their names.
Dragonfly Capital’s investment portfolio includes Avalanche, Near Protocol, MakerDAO, Matter Labs and other projects.
“From the very beginning, we supported the founders in the earliest stages and did so in the later stages. We didn’t always have the means […]. With Fund III, we can support teams throughout their lifecycle and new founders as their companies mature,” said Tom Schmidt, general partner at Dragonfly Capital.
Formerly venture capital company White Star Capital raised $150 million for the second fund focused on investments in crypto networks, startups from Web3 business, DeFi and blockchain gaming.
In April 2022, Uniswap Labs, behind the Uniswap Ethereum exchange, created a venture division for investment in Web 3.0.
In January, the media learned about the plans of venture capital firm Andreessen Horowitz raise up to $4.5 billion into two new cryptocurrency funds.
Recall that in March 2021, Dragonfly Capital opened fund for $225 million for investments in NFT and DeFi with the participation of Sequoia China.