The crypto-focussed investment firm, Dragonfly Capital has closed its third fund with $650 million.
with the US Securities and Exchange Commission earlier this year, Dragonfly Capital initially intended to raise $500 million.
The focus areas of the firm’s third fund will be across all the stages of blockchain and crypto companies, protocols, and tokens that aim to develop “new digital economies.” Additionally, the new initiative is expected to enable Dragonfly Capital to lead rounds in later-stage companies. Its managing partner, Haseeb Qureshi, revealed that the firm plans to invest in several burgeoning sectors. These include play-to-earn gaming, decentralized autonomous organizations infrastructure, and web3 developer tooling, in addition to decentralized finance , smart contracts, non-fungible tokens , and the metaverse.“The next generation of startup founders are now emigrating from web2.
Since its inception in 2018, Dragonfly Capital has been quite active in the crypto ecosystem and has backed several projects. Some of the names are Avalanche, Near, Bybit, Matter Labs, Anchorage, Amber, Frax, Cosmos, Dune Analytics, MakerDAO, Compound, and 1inch, among others.Another evidence of the growing trend of funds and investors pouring money into the crypto sector is Sequoia Capital’s $600 million commitment via a cryptocurrency-focused fund.
The Sequoia Crypto Fund is part of the 50-year-old firm’s broader structure revamp that includes enabling greater flexibility to hold positions in public companies, etc., and would be one of three new sub-funds under the primary Sequoia Capital Fund.
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