Crypto investment firm dragonfly_cap has raised $650 million for its third fund, more than doubling the size of its prior two funds combined. BrandyBetz reports
, which each recently made nearly $600 million crypto commitments, and further proves that the venture capital frenzy that drove record high fund sizes last year hasn’t slowed down.
Founded in 2018, Dragonfly Capital’s investment portfolio includes smart contracts platform Avalanche, layer 1 blockchain platform Near Protocol, DAI token creator MakerDAO and zkSync creator Matter Labs, among others. The new fund will allow Dragonfly Capital to lead rounds in later-stage companies, Dragonfly Capital General Partner Tom Schmidt told CoinDesk in an email.
“Since inception, we have always backed founders at earliest stages, and continued to back our portfolio companies into later stages. We haven’t always had the funds to lead further rounds and double down on teams we believe in,” Schmidt said. “With Fund III, we can back teams throughout their lifecycle and new founders as their companies mature.”Austin, Texas
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