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{"id":16833,"date":"2023-01-20T22:52:21","date_gmt":"2023-01-20T22:52:21","guid":{"rendered":"https:\/\/scienceandnerds.com\/2023\/01\/20\/crypto-focused-dragonfly-capital-launches-650m-third-fund\/"},"modified":"2023-01-20T22:52:22","modified_gmt":"2023-01-20T22:52:22","slug":"crypto-focused-dragonfly-capital-launches-650m-third-fund","status":"publish","type":"post","link":"https:\/\/scienceandnerds.com\/2023\/01\/20\/crypto-focused-dragonfly-capital-launches-650m-third-fund\/","title":{"rendered":"Crypto-focused Dragonfly Capital launches $650M third fund"},"content":{"rendered":"

Source:https:\/\/techcrunch.com\/2022\/04\/27\/crypto-focused-dragonfly-capital-launches-650m-third-fund\/<\/a><\/br>
\nCrypto-focused Dragonfly Capital launches $650M third fund<\/br>
\n2023-01-20 22:52:21<\/br><\/p>\n

\n

The crypto market is showing no signs of slowing down as funds and investors alike continue to deploy massive amounts of capital into the ecosystem. Today\u2019s evidence of the trend: Dragonfly Capital, a crypto-centered investment firm, closed its third venture fund for $650 million, the firm\u2019s managing partner, Haseeb Qureshi, told TechCrunch.<\/p>\n

The fund was oversubscribed, with limited partners including Tiger Global, KKR, Sequoia China, Ivy League endowments, Invesco, Top Tier Capital Partners and an undisclosed Southeast Asian state-owned investment company, among others. The firm initially planned to raise $500 million, according to a filing<\/a> with the U.S. Securities and Exchange Commission in January 2022.<\/p>\n

To date, Dragonfly has invested in almost 60 companies<\/a> through its previous funds launched in 2018 and 2021 for $100 million and $225 million, respectively. Dragonfly plans to focus its investments across all stages of blockchain and crypto-native companies, protocols and tokens.<\/p>\n

\u201cWe see more opportunities across the different stages and through the lifecycle of a company or protocol,\u201d Qureshi said. \u201cAlso, the market has also grown so much. When we first started investing, the entire market for crypto was a few hundreds of billions and now it\u2019s in the multitrillions.\u201d<\/p>\n

Additionally, the capital landscape has changed dramatically since Dragonfly\u2019s previous funds, Qureshi said. \u201cThere\u2019s a lot more understanding of the importance of crypto. There\u2019s a lot more interest in crypto investments not just from traditional VCs or crypto VCs, but also traditional institutions that are now getting into crypto investments because they realize how important this stuff is.\u201d<\/p>\n

After working as a software engineer, Qureshi caught the \u201ccrypto bug\u201d in 2017, he joked. And within a year, his firm launched its first fund with an investment team made up of a handful of ex-techies from computer scientists to coders, Qureshi said.<\/p>\n

\u201cIt\u2019s really important to have that technical fundamental knowledge when investing into early-stage crypto technology,\u201d Qureshi said. \u201cIt\u2019s like investing in crypto without understanding technology is like investing in biotech without understanding biology. You\u2019d be missing the core mechanics of what you\u2019re investing in.\u201d<\/p>\n

There is a lot of excitement in the crypto community and among investors around play-to-earn gaming, decentralized autonomous organizations (DAOs) infrastructure and web3 developer tooling, Qureshi said. But Dragonfly will continue to invest in those areas, as well as decentralized finance, smart contracts, NFTs, the metaverse and other sectors in the crypto ecosystem, he said.<\/p>\n

\u201cIf you\u2019re a crypto investor, I don\u2019t think your job is to pick out one sector that you think will be the future,\u201d Qureshi said. \u201cThe honest reality is that we don\u2019t know. The future is still unwritten. As people show up and build, they\u2019ll determine where the future [of crypto] is going.\u201d<\/p>\n

In general, 2022 is looking to be another hot year for crypto in terms of capital investments. Last year, more than $30 billion was raised by crypto companies and about $13 billion has been raised within the first four months of 2022, according to data from PitchBook.<\/p>\n

Additionally, late-stage post-money valuations for venture capital-backed crypto and blockchain companies rose on average 91%, to $3.95 billion, according to a PitchBook report<\/a>. The average global late-stage VC valuations, meanwhile, dropped 14% to $697.6 million.<\/p>\n

The growth of the crypto sector is not just affecting investors but companies and institutions, too, Qureshi noted. \u201c[They] are scrambling to figure out how to retool themselves and start understanding how this paradigm shift coming from the crypto industry will affect what they do and how they run their businesses.\u201d<\/p>\n

\u201cIt\u2019s really clear that the whole world now realizes how important this industry is,\u201d Qureshi said. \u201cAfter everything that happened in the past year, it\u2019s no longer a question of whether crypto will be a thing.\u201d<\/p>\n<\/p><\/div>\n

<\/br><\/br><\/br><\/p>\n

Tech, Technology<\/br>
\n<\/br>
\nSource:https:\/\/techcrunch.com\/2022\/04\/27\/crypto-focused-dragonfly-capital-launches-650m-third-fund\/<\/a><\/br><\/br><\/p>\n","protected":false},"excerpt":{"rendered":"

Source:https:\/\/techcrunch.com\/2022\/04\/27\/crypto-focused-dragonfly-capital-launches-650m-third-fund\/ Crypto-focused Dragonfly Capital launches $650M third fund 2023-01-20 22:52:21 The crypto market is showing no signs of slowing down as funds and investors alike continue to deploy massive amounts of capital into the ecosystem. Today\u2019s evidence of the trend: Dragonfly Capital, a crypto-centered investment firm, closed its third venture fund for $650 million, the […]<\/p>\n","protected":false},"author":1,"featured_media":16834,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"pagelayer_contact_templates":[],"_pagelayer_content":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[17,8],"tags":[],"class_list":["post-16833","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tech","category-technology"],"yoast_head":"\nCrypto-focused Dragonfly Capital launches $650M third fund - Science and Nerds<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/scienceandnerds.com\/2023\/01\/20\/crypto-focused-dragonfly-capital-launches-650m-third-fund\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crypto-focused Dragonfly Capital launches $650M third fund - Science and Nerds\" \/>\n<meta property=\"og:description\" content=\"Source:https:\/\/techcrunch.com\/2022\/04\/27\/crypto-focused-dragonfly-capital-launches-650m-third-fund\/ Crypto-focused Dragonfly Capital launches $650M third fund 2023-01-20 22:52:21 The crypto market is showing no signs of slowing down as funds and investors alike continue to deploy massive amounts of capital into the ecosystem. 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