Dragonfly Venture Fund Raising

Dragonfly aims to raise $500 million for its fourth fund, as reported by Bloomberg. The San Francisco-based crypto venture firm has secured $250 million so far and plans to finalize funding by the end of Q1 2025.

Previous Fund Successes

The fourth fund may see significant oversubscription, similar to its third fund. Dragonfly closed $650 million for Dragonfly Ventures III in May 2022, exceeding its $500 million target, backed by notable investors like KKR, Tiger Global, Invesco, and Sequoia China.

Before that, the firm raised $225 million for its second fund in 2021, which focused on projects in DeFi, NFTs, Ethereum Layer 2, and centralized finance. Recently, Dragonfly led a $12 million seed round for stablecoin issuer Agora in April 2023.