Investment firm Dragonfly Capital has just launched a new $650 million venture capital fund focused on Web 3.0 application developers.
Dragonfly Capital's assets have reportedly reached approximately $3 billion with its launch.
Haseeb Qureshi, managing partner of the firm, has said:
"This new generation of entrepreneurs has a lot of energy and enthusiasm for a decentralized future."
The structure has received support from Tiger Global and KKR. Several Ivy League university foundations have also taken part.
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Dragonfly Capital's investment portfolio includes Avalanche, Near Protocol, MakerDAO, Matter Labs and other projects.
Tom Schmidt, general partner of Dragonfly Capital, has said:
"From the very beginning, we supported the founders in the earliest stages and did so in the later stages. We didn’t always have the means […]. With Fund III, we can support teams throughout their lifecycle and new founders as their companies mature."