Dragonfly Capital, a well-known cryptocurrency venture capital firm, has announced the completion of its third investment round, valued at $650 million. The amount is higher than the previous two rounds, which raised $100 million in October 2018 and $200 million in December 2020.
Tiger Global, KKR, Sequoia China, and Invesco were among the investors in the $650 million round, which was slightly more than the $500 million first announced to the Securities and Exchange Commission in a Form D filing in January.
The launch of Dragonfly Fund III was accompanied by a promise to provide financial support to projects in the fields of decentralised banking, crypto gaming, and the metaverse, among others, from seed to Series B investment levels.
The Cayman Islands-based company has invested in 54 companies, including Avalanche’s $12 million private token sale in June 2020, Dune Analytics’ $2 million seed round in September 2020, and Dydx’s $10 million Series A in October 2018, to name a few.
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