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

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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.

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