Investor profile
Dragonfly Capital
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Dragonfly Capital is a leading global crypto-focused venture fund that backs "the best researchers and builders who will push the entire crypto ecosystem forward." Founded in 2018, the firm operates as a bridge between Western and Asian crypto markets, with deep networks in both regions. Its investment philosophy centers on identifying early-stage projects with exceptional technical teams and transformative potential across the entire crypto ecosystem — from infrastructure and scaling solutions to novel DeFi mechanisms, stablecoins, payments, and native crypto applications. Dragonfly invests across all stages, from pre-seed through growth, and manages over $1.5 billion in AUM across four funds (Fund I: $100M, Fund II: $225M, Fund III: $650M, Fund IV: $650M). The firm emphasizes "finance, payments, asset issuance, and markets" as the core use cases with proven product-market fit, while also supporting breakthrough consumer products, DAOs, and next-generation infrastructure. Beyond capital, Dragonfly provides strategic advice, institutional connections, market research, and hands-on founder support.
Notable quotes
“In Dragonfly Ventures III, we will double down on backing the next breakthroughs in crypto infrastructure, DeFi, smart contract scaling, and breakthrough consumer products like NFTs, crypto games, and DAOs.”
“With Dragonfly III, we're looking forward to continuing to do what we love – working closely with founders at the very earliest stages to build generational companies in crypto – while now being able to support into later stages and beyond.”
“Crypto is a bunch of engineers and economists and political scientists and game theorists and cryptographers who got together and said, if you had to do money again, knowing everything that we know now, how would you do it differently?”
Recent investments
| Company | Round | Size | Date |
|---|---|---|---|
| Variational | Series A | $50m | 2026-05-20 |
| Mesh (ex Front Finance) | Series C | $75m | 2026-01-27 |
| Rain | Series C | $250m | 2026-01-09 |
| Polymarket | Series B | $150m | 2025-10-07 |
| Inversion Capital | Seed | $27m | 2025-09-08 |
| Conduit Pay | Series A | $36m | 2025-05-28 |
| Ethena | Seed | — | — |
| Monad | Seed | — | — |
| NEAR Protocol | Seed | — | — |
| Dune Analytics | Series B | — | — |
Frequent co-investors
| VC firm | Deals together |
|---|---|
| Coinbase Ventures | 8 |
| Paradigm | 5 |
| a16z Crypto | 4 |
| Mirana Ventures | 4 |
| Galaxy Digital | 3 |
| VanEck | 3 |
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