Dragonfly Capital Leads Seed Round for DeFi Project Debt DAO

Dragonfly Capital led the $3.5 million seed round for the Debt DAO startup, according to The Block.

Funding was also provided by GSR, Numeus and Fasanara Capital. They were joined by six angel investors, including Balaji Srinivasan, former Coinbase CTO, and David Post of Chainlink Labs.

Debt DAO positions itself as a decentralised marketplace, bringing together all elements of the debt-financing ecosystem for the DeFi sector.

Earlier, Dragonfly Capital opened a new $650 million fund focused on Web3. The structure was supported by Tiger Global and KKR. According to some reports, several Ivy League university funds also participated.

Earlier, the investment firm also backed the decentralised trading platform Hashflow in a $25 million round. The project was valued at $400 million.

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