Crypto investor Dragonfly Capital Partners announced the launch of a new $650 million fund—its largest to date.
The new Dragonfly Fund III is the San Francisco-based firm’s third—following its first $100 million fund in 2018 and a $200 million fund from 2020, according to Crunchbase data.
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The fund is one of several new crypto-focused funds to be announced in the last two months—even as funding to crypto startups in the first quarter of the year was down from the previous quarter.
Then in March, San Francisco-based crypto asset management firm Electric Capital announced the closing of a new $1 billion fund and Bain Capital Ventures officially announced it will double down in the crypto space, unveiling its new $560 million fund—branded as Bain Capital Crypto.
Finally, it was recently reported San Francisco–based Bessemer Venture Partners has created BessemerDAO, a group to discuss trends and pool resources to invest in crypto. It also was reported Bessemer has earmarked $250 million of its new $2.5 billion fund for deals in crypto.
Illustration: Dom Guzman
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