The Dragonfly Ventures III Fund more than doubles the $300 million raised for the firm’s two earlier funds.
Crypto asset investment firm Dragonfly Capital has raised $650 million for the launch of its third fund.
Yet any other Crypto Investment Fund
Patrons are piling into Dragonfly Capital’s most up-to-date crypto fund.
The crypto investment firm announced Wednesday that it had closed fundraising for its third endeavor fund, titled the Dragonfly Ventures III Fund, after securing a entire of $650 million. Regulatory filings from January published Dragonfly Capital at the origin supposed to steal $500 million; on the opposite hand, attributable to the fund being oversubscribed, the closing figure got right here in $150 million over the target. The amount raised more than doubles the firm’s inaugural $100 million cryptocurrency fund and subsequent $225 million raise combined, and propels Dragonfly’s entire resources below administration to approximately $3 billion.
Contributors to the fresh fund consist of crypto investment veterans much like Tiger World, KKR, and Sequoia China, alongside with several unnamed Ivy League universities and an undisclosed Southeast Asian teach-owned investment company.
Dragonfly Capital managing partner Haseeb Qureshi commented that the fresh fund would wait on the firm proceed investing in promising initiatives. Fellow partner Tom Schmidt additional defined the fund’s aim, declaring:
“We haven’t continuously had the funds to manual additional rounds and double down on groups we remember in. With Fund III, we can encourage groups within the center of their lifecycle and fresh founders as their companies outdated faculty.”
The Dragonfly Ventures III Fund is rarely any longer the correct predominant fund to launch in fresh months. In February, Silicon Valley’s Sequoia Capital announced its hang crypto-dedicated fund with the aim of actively managing its resources to generate yield and participate in DAO governance votes. Fellow endeavor capital wide Andreessen Horowitz has additionally published plans to steal a wide $4.5 billion to make investments in crypto companies.
Despite the crypto market’s pretty subdued efficiency in 2022, investment within the residing continues to flood into the residing. Per market data platform Pitchbook, crypto companies possess raised over $13 billion within the predominant quarter of the yr and are residing to surpass the $30 billion raised in 2021.
Disclosure: At the time of penning this portion, the creator owned ETH and numerous alternative varied cryptocurrencies.
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