Dragonfly Capital closed its Fund IV at $650 million, exceeding the initial $500 million target and maintaining the confidence of its limited partners. The capital adds to the 2022 Fund III, which also raised $650 million and was already deployable for investments in DeFi, crypto gaming, and Web3 infrastructure.
The fund includes institutional investors such as Tiger Global, KKR, Sequoia China, and Invesco, providing long-term capital and backing startups from seed to Series B and subsequent rounds. The strategy allows founders to receive support across multiple stages and access liquidity, distribution, and security tools across portfolio projects.
Dragonfly manages a portfolio of 162 financed companies over eight years, including 19 unicorns such as Polymarket, Rain, Monad Labs, Ethena, Avalanche, Amber Group, MegaETH, Pendle, Kaito, and Bitget. The firm uses a trading team managing over $1 billion in liquidity, providing real-time market data for investment decisions.
The fund focuses on projects with long-term relevance, prioritizing real revenue and institutional clients, and adapts to regulations and risk controls at each stage of the investment cycle.
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