Dragonfly Capital is raising $500 million for new fund

Dragonfly Capital, a crypto-focused venture capital firm, is raising $500 million for a new fund, according to a filing submitted with the Securities and Exchange Commission. 

The new fund, dubbed Dragonfly Ventures III Feeder, will join a number of newly launched investment vehicles in the space, including Paradigm's $2.5 billion venture fund and crypto exchange FTX's newly launched fund. 

Dragonfly had also launched a $225 million fund in March of 2021 that was focused on non-fungible token (NFT), Ethereum Layer 2 solutions and related businesses, decentralized finance (DeFi)  and centralized finance infrastructure, The Block previously reported. 

The venture firm backed numerous funding rounds for crypto startups within the past year, such as the DeFi “credit score” protocol ARCx, the smart contract automation project Gelato Network and the Web3 investment firm Folius Ventures LLC. 

As per the LinkedIn profile of Dragonfly partner Mia Deng, the firm manages $2 billion—making it one of the largest venture investment firms in the crypto market. 

Dragonfly declined to provide comment.