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Dragonfly Capital Secures $650M for Third Crypto Fund


The Dragonfly Ventures III Fund more than doubles the $300 million raised for the company’s 2 previous funds.

Crypto property financial investment company Dragonfly Capital has actually raised $650 million for the launch of its 3rd fund.

Another Crypto Investment Fund

Investors are stacking into Dragonfly Capital’s most current crypto fund.

The crypto financial investment company revealed Wednesday that it had actually closed fundraising for its 3rd endeavor fund, entitled the Dragonfly Ventures III Fund, after protecting an overall of $650 million. Regulatory filings from January exposed Dragonfly Capital at first planned to raise $500 million; nevertheless, due to the fund being oversubscribed, the last figure was available in $150 million over the target. The quantity raised more than doubles the company’s inaugural $100 million cryptocurrency fund and subsequent $225 million raise integrated, and moves Dragonfly’s overall properties under management to roughly $3 billion.

Contributors to the brand-new fund consist of crypto financial investment veterans such as Tiger Global, KKR, and Sequoia China, together with numerous unnamed Ivy League universities and a concealed Southeast Asian state-owned investment firm.

Dragonfly Capital handling partner Haseeb Qureshi commented that the brand-new fund would assist the company continue buying appealing jobs. Fellow partner Tom Schmidt even more described the fund’s goal, specifying:

” We have not constantly had the funds to lead more rounds and double down on groups our company believe in. With Fund III, we can back groups throughout their lifecycle and brand-new creators as their business develop.”

The Dragonfly Ventures III Fund is not the only significant fund to introduce in current months. In February, Silicon Valley’s Sequoia Capital revealed its own crypto-dedicated fund with the objective of actively handling its properties to produce yield and take part in DAO governance votes. Fellow equity capital huge Andreessen Horowitz has likewise exposed prepares to raise a massive $4.5 billion to buy crypto business.

Despite the crypto market’s fairly suppressed efficiency in 2022, financial investment in the area continues to flood into the area. According to market information platform Pitchbook, crypto business have actually raised over $13 billion in the very first quarter of the year and are set to exceed the $30 billion raised in 2021.

Disclosure: At the time of composing this piece, the author owned ETH and numerous other cryptocurrencies.

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