Dragonfly wants to raise $500 million for its fourth fund: report

Bitget App

Trade smarter

Bitget

News

The Block2024/09/16 16:00

By:The Block

Quick Take The Californian venture firm Dragonfly wants to raise $500 million for its fourth venture fund, reports Bloomberg. Dragonfly previously closed $650 million in oversubscribed financing for its third crypto venture fund in May 2022.

Dragonfly wants to raise $500 million for its fourth fund, Bloomberg reported Tuesday, citing a person familiar with the matter. The crypto venture firm based in San Francisco has raised $250 million for the fund so far and aims to close financing by the end of 2025's first financial quarter.

The fourth fund may end up being oversubscribed, as had previously happened with the firm's third fund. Dragonfly previously closed $650 million in financing for the Dragonfly Ventures III fund in May 2022 after having intended to raise $500 million. That fund received support from KKR, Tiger Global, Invesco, Sequoia China and other institutional partners.

Before then, Dragonfly closed $225 million for its second fund in 2021, supporting projects building DeFi, NFT, Ethereum Layer 2 and centralized finance endeavors, according to The Block Research Pro. Dragonfly more recently led a $12 million seed round for the stablecoin issuer Agora in April of this year.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.

APR up to 10%. Always on, always get airdrop.

Lock now!