Dragonfly Capital launches $650M fund focused on Web 3.0
- April 27, 2022
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Investment firm Dragonfly Capital has opened a new venture capital fund of $650 million. Anons! We are launching Dragonfly Fund III, a $650 million crypto venture fund, our
Investment firm Dragonfly Capital has opened a new venture capital fund of $650 million.
Anons!
We are launching Dragonfly Fund III, a $650 million crypto venture fund, our largest ever fund.
With this new fund, we will support founders in crypto throughout their entire lifecycle.
I’m 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. A spokesperson for the company told CoinDesk that Dragonfly Capital’s assets reached nearly $3 billion with the launch.
“This new generation of entrepreneurs has a lot of energy and enthusiasm for a decentralized future,” said Hasib Qureshi, managing partner of the company.
The structure was supported by Tiger Global and KKR. Several university Ivy League foundations have also been involved, according to The Block. The company declined to reveal 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 tools […]. With Fund III, we can support new founders as their teams throughout their lifecycle and as their companies mature,” said Tom Schmidt, general partner of Dragonfly Capital.
Previously, venture capital firm White Star Capital has raised $150 million for a second fund focused on investments in crypto networks, from the Web3 business to startups, DeFi and blockchain gaming.
In April 2022, Uniswap Labs, the company behind Ethereum exchange Uniswap, created a venture arm to invest in Web 3.0.
In January, the media learned of venture capital firm Andreessen Horowitz’s plans to raise up to $4.5 billion in two new cryptocurrency funds.
Recall that in March 2021, Dragonfly Capital opened a $225 million fund for investments in NFTs and DeFi with the participation of Sequoia China.
Source: Fork Log
I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
