Dragonfly Capital Launches its Third Funding of $650 M for crypto-based projects.
The crypto gaming momentum is braving all the odds and continues to increase this year. DragonFly Capital is well aware of this trend. That trend that has gripped both investors and developers with the niche witnessing an increasing amount of capital influx.
The recent addition of capital in the ecosystem of blockchain is Dragonfly Capital’s third funding round. The firm focuses on investing in crypto-based projects and the third round of funding sees a $650 million in investment.
Dragonfly initially planned to raise $500 million but with help of limited partners like KKR, Tiger Global, Sequoia China, Ivy League Endowments, Invesco, Top Tier Capital Partners, and a Southeast Asian government investment company the raised capital crossed the intended target and closed on $650 million.
Dragonfly is an active investor in the crypto niche and has funded almost 60 companies in previous funding rounds in 2018 and 2021 for $100 million and $255 million respectively.
Dragonfly’s managing partner Haseeb Qureshi said, “We see more opportunities across the different stages and through the lifecycle of a company or protocol, also, the market has also grown so much.
When we first started investing, the entire market for crypto was a few hundreds of billions and now it’s in the multi-trillions.”
The crypto ecosystem continues to enjoy massive investments in 2022 as well.
Crypto and blockchain companies have recorded an increase of 91% in late-stage post-money valuations which brings the valuations to $3.95 billion, according to PitchBook.
On the other hand, the average global last stage VC valuations decreased by 14% to $697 million.