Dragonfly Capital launches $650 million fund focused on Web 3.0

The investment firm Dragonfly Capital has launched a new venture fund with $650 million in capital.

Gm anons!

We’re launching Dragonfly Fund III, a $650M crypto venture fund—our largest fund ever.

With this new fund, we’ll be be backing founders all across their lifecycle in crypto.

Excited to be a small part of the next chapter of this industry.https://t.co/YuN5oz1v9v

— Haseeb Qureshi (@hosseeb) April 27, 2022

The fund will focus on Web 3.0 application developers. A company spokesperson told CoinDesk in a statement that, with its launch, Dragonfly Capital’s assets had reached roughly $3 billion.

“This new generation of entrepreneurs has a lot of energy and enthusiasm for a decentralized future,” said Haseeb Qureshi, managing partner of the firm.

The round was supported by Tiger Global and KKR. According to The Block, several Ivy League university endowments also participated. The firm declined to disclose their names.

Dragonfly Capital’s investment portfolio includes Avalanche, Near Protocol, MakerDAO, Matter Labs and other projects.

“From the very beginning we supported founders at the earliest stages and did so at later stages as well. We did not always have the resources […]. With Fund III we can support teams throughout their lifecycle and new founders as their companies mature,” explained Tom Schmidt, managing partner of Dragonfly Capital.

Earlier, venture firm White Star Capital raised $150 million for its second fund, focused on investments in crypto networks, Web3-based startups, DeFi, and blockchain gaming.

In April 2022, the company behind the Ethereum-based exchange Uniswap, Uniswap Labs created a venture arm to invest in Web 3.0.

In January, media reported plans by venture firm Andreessen Horowitz to raise up to $4.5 billion for two new crypto funds.

In March 2021, Dragonfly Capital opened a $225 million fund to invest in NFT and DeFi with the participation of Sequoia China.

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