Dragonfly Capital Reveals New $225M Fund for DeFi and NFT
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26 March
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Dragonfly Capital, an investment banking firm focused on small and middle-market companies, has announced the launch of a new $225 million venture fund called Dragonfly Fund II.

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According to an announcement, Dragonfly Capital partnered with Sequoia China as a strategic LP. The company also partnered with Asian crypto-related companies, including OKEx, Huobi, Bitmain, and Bybit.

"Together with many of the technology and cultural leaders from US technology firms and VCs, we are in an incredible position to help unite and push the crypto movement forward," said Haseeb Qureshi, investor at Dragonfly Capital.

The new fund will focus on decentralized finance (DeFi), non-fungible tokens (NFT), Ethereum Layer-2 applications, and centralized finance (CeFi). Dragonfly Capital already backed some of the most prominent startups of the crypto market, including 1inch.exchange, Ava Labs, Bybit, Compound, Dune Analytics, Maker, and many more.

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Last April, Andreessen Horowitz (a16z), an American private venture capital firm, announced it had attracted $515 million for its fund that will be used to invest in crypto networks and businesses. The newly-formed fund will focus on next generation payments, modern store of value, DeFi, Web 3 and other digital areas.

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