Dragonfly Capital closed its third crypto venture fund at $650 million, with executives reporting strong support from unnamed institutional investors including leading Ivy League endowments, U.S. pensions and sovereign wealth funds.
The oversubscribed fund also raised capital from KKR, Tiger Global, Sequoia China and Invesco. The fundraise far exceeded the $250 million closed for Dragonfly Ventures II. The new Dragonfly Ventures III will seek to enhance the firm’s capacity to invest across all stages blockchain and cryptocurrency companies, native protocols, and tokens that seek to create new digital economies.
“Dragonfly has always been . . .
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