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. 


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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.

About Author

MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.