Reports said that Dragonfly Capital, a prominent venture capital corporation operating in the cryptocurrency sector, has announced its third funding round, valued at $650 million. The figure surpasses its two prior rounds of $100 million in October 2018 and $200 million in December 2020.
It has been reported that the $650 million raise saw participation from Tiger Global, KKR, Sequoia China, and Invesco, among others, and arrived at slightly higher than the $500 million initially declared to the Securities and Exchange Commission in a Form D filing in January.
However, the introduction of Dragonfly Fund III was coupled with a pledge to distribute financial support to projects at seed to Series B funding levels within the sectors of decentralized finance, crypto gaming, and the metaverse, among others.
Thus, the Cayman Island-based corporation is often positioned at the forefront of the industry’s most prominent venture raises, having invested in 54 projects, including Avalanche’s $12 million private token sales in June 2020, Dune Analytics’ $2 million seed round in September 2020, and Dydx’s $10 million Series A in October 2018, among others.