Dragonfly Capital raises $650 million for fourth fund

Dragonfly Capital, a venture firm specializing in early-stage blockchain and web3 investments, closed its fourth fund at $650 million amid a challenging crypto venture landscape, Fortune reported Tuesday.

The new fund, which follows Dragonfly Capital’s $650 million third fund, will allow the team to back high-potential projects in blockchain and decentralized finance.

Dragonfly’s investment approach focuses on blockchain projects that integrate with financial services rather than speculative web3 experiments.

The firm has backed over 100 digital asset companies, including those that offer real-world financial products on-chain, such as Ethena, the prominent synthetic dollar project, and Polymarket, one of the largest prediction market platforms.