2 years ago
Brandy covers crypto-related task superior deals for CoinDesk.
Dragonfly Capital has closed its 3rd money with $650 cardinal successful capital, pushing the firm’s assets nether absorption to astir $3 billion, a institution spokesperson told CoinDesk. The money volition absorption connected each stages of blockchain and crypto companies creating “new integer economies.” Limited partners included planetary concern giants Tiger Global, KKR and Sequoia China, among others.
CoinDesk previously reported connected the beingness of the money successful January erstwhile regulatory filings showed a $500 cardinal target.
The caller Dragonfly Ventures III money much than doubles the $300 cardinal raised successful the firm’s anterior 2 funds combined. The caller fund’s size puts Dragonfly successful the aforesaid league arsenic Sequoia Capital and Bain Capital, which each precocious made astir $600 cardinal crypto commitments, and further proves that the task superior frenzy that drove grounds precocious money sizes past twelvemonth hasn’t slowed down.
Founded successful 2018, Dragonfly Capital’s concern portfolio includes astute contracts level Avalanche, furniture 1 blockchain level Near Protocol, DAI token creator MakerDAO and zkSync creator Matter Labs, among others.
The caller money volition let Dragonfly Capital to pb rounds successful later-stage companies, Dragonfly Capital General Partner Tom Schmidt told CoinDesk successful an email.
“Since inception, we person ever backed founders astatine earliest stages, and continued to backmost our portfolio companies into aboriginal stages. We haven’t ever had the funds to pb further rounds and treble down connected teams we judge in,” Schmidt said. “With Fund III, we tin backmost teams passim their lifecycle and caller founders arsenic their companies mature.”
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Brandy covers crypto-related task superior deals for CoinDesk.
Brandy covers crypto-related task superior deals for CoinDesk.
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