THELOGICALINDIAN - The Dragonfly Ventures III Fund added than doubles the 300 actor aloft for the firms two antecedent funds
Crypto asset advance close Dragonfly Capital has aloft $650 actor for the barrage of its third fund.
Another Crypto Investment Fund
Investors are axle into Dragonfly Capital’s latest crypto fund.
The crypto advance close announced Wednesday that it had bankrupt fundraising for its third adventure fund, blue-blooded the Dragonfly Ventures III Fund, afterwards accepting a absolute of $650 million. Regulatory filings from January appear Dragonfly Capital initially advised to accession $500 million; however, due to the armamentarium actuality oversubscribed, the final bulk came in $150 actor over the target. The bulk aloft added than doubles the firm’s countdown $100 actor cryptocurrency armamentarium and consecutive $225 actor accession combined, and propels Dragonfly’s absolute assets beneath administration to about $3 billion.
Contributors to the new armamentarium accommodate crypto advance veterans such as Tiger Global, KKR, and Sequoia China, forth with several bearding Ivy League universities and an bearding Southeast Asian state-owned advance company.
Dragonfly Capital managing accomplice Haseeb Qureshi commented that the new armamentarium would advice the close abide advance in able projects. Fellow accomplice Tom Schmidt added explained the fund’s objective, stating:
“We haven’t consistently had the funds to advance added circuit and bifold bottomward on teams we accept in. With Fund III, we can aback teams throughout their lifecycle and new founders as their companies mature.”
The Dragonfly Ventures III Armamentarium is not the alone above armamentarium to barrage in contempo months. In February, Silicon Valley’s Sequoia Basic announced its own crypto-dedicated armamentarium with the ambition of actively managing its assets to accomplish crop and participate in DAO babyminding votes. Fellow adventure basic behemothic Andreessen Horowitz has additionally revealed affairs to accession a behemothic $4.5 billion to advance in crypto companies.
Despite the crypto market’s almost chastened achievement in 2022, advance in the amplitude continues to flood into the space. According to bazaar abstracts belvedere Pitchbook, crypto companies accept aloft over $13 billion in the aboriginal division of the year and are set to beat the $30 billion aloft in 2021.
Disclosure: At the time of autograph this piece, the columnist endemic ETH and several added cryptocurrencies.
