DragonFly Capital has launched a brand new Enterprise Capital Fund price $650 million to repeatedly spend money on the broader digital forex ecosystem.
Whereas earlier filings with the US Securities and Trade Fee (SEC) confirmed that the unique goal was to drag in $500 million, DragonFly notably noticed oversubscribed participation from traders, together with Tiger International, KKR, Sequoia China, Ivy League endowments and an undisclosed Southeast Asian state-owned funding firm.
As confirmed to TechCrunch by Haseeb Qureshi, DragonFly Capital’s managing associate, the funds is not going to be deployed to only a area of interest of the digital forex ecosystem however can be fairly unfold throughout the board from Decentralized Finance (DeFi) to gaming and the metaverse.
DragonFly Capital has backed greater than 60 completely different startups within the area via two completely different Funds floated in 2018 and 2021 respectively. Qureshi confirmed that a lot has modified within the business over the previous yr with consciousness of funding alternatives rising at a really quick tempo.
“We see extra alternatives throughout the completely different levels and thru the lifecycle of an organization or protocol. Additionally, the market has additionally grown a lot. After we first began investing, your entire marketplace for crypto was a number of a whole lot of billions and now it’s within the multitrillions,” Qureshi stated including, “There’s much more understanding of the significance of crypto. There’s much more curiosity in crypto investments not simply from conventional VCs or crypto VCs, but additionally conventional establishments that are actually stepping into crypto investments as a result of they understand how essential these things is.”
With the expansion of the area, extra enterprise funding has been coming into the crypto ecosystem enmasse as traders look again on protocols that they imagine can be pivotal to the long run Web3.0 that’s being envisaged. Apart from DragonFly Capital, Paradigm Capital additionally floated a $2.5 billion crypto enterprise fund again in November final yr, a gesture that’s one among many others which were floated this yr.
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