Crypto focused Dragonfly Capital has closed its third fund with $650 million in capital, putting the firm’s assets under management total to approximately $3 billion, according to a company spokesperson.
The aim of this $650 million fund is to build “new digital economies” by collaborating with blockchain and crypto companies that include the partners of the fund namely Tiger Global, KKR, Sequoia China and a few others.
This new Dragonfly Ventures III fund is more than double of the previous two rounds, $300 million combined.
Established in 2018, Dragonfly, is planning to invest in companies it has previously invested in. The company’s list includes some of the biggest names from the market such as Avalanche, Near Protocol, MakerDAO and Matter Labs.
Dragonfly Capital General Partner Tom Schmidt said, “Since inception, we have always backed founders at earliest stages, and continued to back our portfolio companies into later stages. We haven’t always had the funds to lead further rounds and double down on teams we believe in. With Fund III, we can back teams throughout their lifecycle and new founders as their companies mature.”
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