Dragonfly’s new $650 million fund is backed by the Ivy League
The crypto investment firm receives pledges as Sequoia recognizes the requirements of crypto companies
Dragonfly has unveiled a new $650 million fund
Tiger Global and KKR, and unnamed Ivy league university endowments, are among the investors
Sequoia Capital acknowledges requirements of crypto companies
On Wednesday, Dragonfly, the crypto investment firm founded by Haseeb Qureshi and Tom Schmidt, announced a new fund with $650 million in pledges. Tiger Global and KKR, as well as a number of unnamed university endowments, are among the investors. Dragonfly did not reveal which universities are supporting the new fund.
Bain Capital, Electric Capital, and a16z are among the companies that have launched new initiatives. Dragonfly has invested in a diverse range of businesses, including blockchains such as Terra and Near, as well as financial services such as Matrixport and Paradigm.
Bo Feng, an experienced venture capitalist with over 20 years of experience, and Alexander Pack, a venture capitalist who managed crypto investments and funding at Bain Capital Ventures formed the fund in 2018.
The strategy reflects the diversity of crypto investors, who are growing more involved with their portfolio companies and projects. Even new market participants, such as Sequoia Capital, have acknowledged the distinct requirements of crypto companies.
