Dragonfly Capital Partners raises $100m first fund for cryptocurrency deals

Gumi Cryptos
A collection of bitcoin tokens sit in this arranged photograph in London, U.K., on Tuesday, Jan. 9, 2018. Photographer: Chris Ratcliffe/Bloomberg

San Francisco-based Dragonfly Capital Partners, managed by experienced VCs from the U.S. and Asia, has announced its $100-million inaugural fund to invest in cryptocurrency startups.

In an announcement, the firm said it already has a portfolio of 20 companies, including Basis, Spacemesh and Oasis Labs.

The fund’s investors include individuals from some of the world’s biggest internet companies and investment firms, such as Neil Shen of Sequoia China, Zhang Tao of Meituan-Danping, Baidu founder Eric Xu, Salil Deshpande of Bain Capital Ventures, JP Gan of Qiming Venture Partners, and Annie Xu of Alibaba U.S.

Dragonfly is led by Managing Partners Alexander Pack, who previously headed network investing at Bain Capital Ventures, and Bo Feng, who previously was a founding partner of Ceyuan Ventures.

Through the fund, Dragonfly Capital will look to seize opportunities in exciting cryptocurrency market, which which according to billionaire investor and cryptocurrency enthusiast, Tim Draper, will grow to become an $80 trillion business in the next 15 years.

Earlier this month, it was reported that Yale University has invested into a $400 million cryptocurrency fund called Paradigm. The fund was recently started by Coinbase Inc. co-founder Fred Ehrsam, former Sequoia Capital partner Matt Huang, and Charles Noyes, an ex-employee of crypto fund Pantera Capital.

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