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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MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.
