Dragonfly to Raise $500M to Launch its 4th Fund
Dragonfly Ventures is aiming to raise $500 million for its fourth fund. The San Francisco-based crypto venture firm has currently raised $250 million and plans to secure the remaining funding by the end of the first quarter of 2025.
It is possible that the fund will be oversubscribed, as was the case with its third fund. In May 2022, Dragonfly successfully closed $650 million for Dragonfly Ventures III, exceeding its initial target of $500 million.
The fund received support from major institutional partners such as KKR, Tiger Global, Invesco, and Sequoia China. In 2021, Dragonfly closed $225 million for its second fund, which was primarily focused on projects in areas such as DeFi, NFT, Ethereum Layer 2, and centralized finance.
More recently, the firm led a $12 million seed round for the stablecoin issuer Agora in April 2021.
