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Cryptocurrency News Articles
Dragonfly to Raise $500M for New Crypto Fund (Cointelegraph)
Sep 21, 2024 at 05:52 pm
Dragonfly Capital is aiming to raise $500 million for its fourth fund, which will primarily focus on early-stage investments in the crypto and blockchain space.
Dragonfly Capital, a San Francisco-based venture capital firm, is aiming to raise $500 million for its fourth fund, which will focus on early-stage investments in the crypto and blockchain space. The firm has already secured $250 million and expects to complete the fundraising by the first quarter of 2025.
The fund will primarily target seed and Series A funding rounds, with an average check size of $5 million to $10 million. Dragonfly Capital is known for its early-stage investments in crypto unicorns such as FTX, Dapper Labs, and Axie Infinity.
According to a recent filing with the SEC, the fund will have a seven-year term and a two-year carry period. The carry fee is set at 20%, with a 1.5% management fee. Dragonfly Capital is also planning to launch a parallel fund that will focus on later-stage crypto investments.
Dragonfly Capital was founded in 2018 by Curtis Spencer, Tom Schmidt, and Haseeb Qureshi. The firm currently manages over $1 billion in assets across three funds.
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