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Dragonfly is a crypto investment fund founded in 2018, with a focus on supporting innovative teams in the cryptocurrency sector. The firm has been operational for eight years and has established itself as a significant player in the global crypto investment landscape. Dragonfly is headquartered in San Francisco, with a strategic presence in Singapore, reflecting its commitment to the Asia-Pacific market following the relocation of its operations from Beijing due to regulatory changes.
As of 2026, Dragonfly manages approximately $1.5 billion in assets across multiple funds, including Fund I ($100M), Fund II ($225M), Fund III ($500M), and the recently closed Fund IV at $650M. The firm has built a diverse portfolio of over 100 companies, showcasing its ability to identify and support promising projects in the rapidly evolving crypto space. Notable milestones include the successful closure of Fund IV during a challenging market environment, which has been described as a
Dragonfly invests primarily in the crypto ecosystem, targeting sectors such as protocols, exchanges, and applications. The firm focuses on early-stage and growth-stage companies that are addressing significant challenges within the industry. Their investment strategy emphasizes innovative solutions that push the boundaries of the crypto space, particularly in fintech-like products such as stablecoins and payment infrastructure.
The firm seeks to partner with teams that have global aspirations and are committed to driving innovation and adoption in the crypto market. Dragonfly's investment criteria include a strong emphasis on the potential for scalability and the ability to navigate regulatory challenges. They prefer to invest in companies that demonstrate a clear understanding of their market and possess a solid business model.
Dragonfly's deal structure typically involves leading rounds and providing follow-on investments to support portfolio companies as they grow. The firm is known for its extensive network and expertise in the crypto space, which it leverages to help portfolio companies overcome challenges and achieve their growth objectives.
Dragonfly's portfolio includes over 100 companies across various sectors in the crypto space. Notable companies in their portfolio include:
In addition to these companies, Dragonfly has invested in other notable projects such as Avalanche, Bybit, Amber Group, and Matrixport. The firm has also led significant funding rounds, including a $75M Series C for Mesh Network, which is valued at $1 billion, and a $26.5M Seed round for Inversion Labs.
Haseeb Qureshi: Managing Partner, joined Dragonfly in 2019. Former professional poker player and Airbnb engineer, known for his prominent presence in the crypto community.
Bo Feng: Co-Founder and Managing Partner, has deep connections in China and is based in Singapore. He is reportedly married to a granddaughter of Deng Xiaoping.
Tom Schmidt: General Partner, former head of product at 0x Protocol, fluent in Chinese, and a DeFi expert.
Rob Hadick: General Partner, fintech specialist who joined in April 2022 from GoldenTree hedge fund, instrumental in shifting the firm's focus toward fintech-like crypto products.
Gengmo Qi: Partner with expertise in the crypto sector.
Sanat Kapur: Partner with a focus on supporting portfolio companies.
Omar Kanji: Partner with experience in venture capital.
Robbie Petersen: Junior Partner involved in various aspects of the firm.
Casey Taylor: Head of Portfolio Support, responsible for assisting portfolio companies.
Tony Li: Portfolio Support Partner for Asia, providing regional insights.
Amal M: Portfolio Support with a focus on operational assistance.
Hildebert Moulié: Head of Data Science, overseeing data-driven strategies.
Joshua Lim: Liquid Portfolio Analyst, focusing on liquid token strategies.
Lindsay Lin: COO, managing operational aspects of the firm.
Sylvia Liu: CFO, overseeing financial operations.
Chen Yuan: General Counsel, providing legal guidance.
To pitch to Dragonfly, founders should visit their website at dragonfly.xyz. It is advisable to include a clear business model, market analysis, and scalability potential in the pitch deck. Dragonfly prefers to receive pitches through their website and values warm introductions, although they do accept direct applications.
Response times can vary, but founders should expect to hear back within a few weeks. Providing a concise and compelling pitch will increase the chances of receiving a timely response.
In February 2026, Dragonfly closed Fund IV at $650 million, marking one of the largest crypto VC fund closes in the current cycle. This closure occurred during a challenging period for blockchain VCs, described by Fortune as a 'mass extinction' event.
In 2025, Dragonfly led several significant investments, including a $75 million Series C for Mesh Network, which is valued at $1 billion, and a $26.5 million Seed round for Inversion Labs, focusing on blockchain infrastructure. They also invested $58 million in Rain for stablecoin infrastructure and $16 million in Codex for blockchain development.
Additionally, Dragonfly participated in a $50 million investment in Agora Finance, which provides DeFi financial services. These activities highlight Dragonfly's active role in the crypto investment landscape and its commitment to supporting innovative projects.
What are Dragonfly's investment criteria?
Dragonfly focuses on early-stage and growth-stage companies in the crypto sector, particularly those addressing significant challenges and pushing the boundaries of the industry. They look for innovative teams with global aspirations and a strong understanding of their market.
How can I apply or pitch to Dragonfly?
Founders can pitch to Dragonfly by visiting their website at dragonfly.xyz. It is recommended to provide a clear business model and demonstrate scalability potential in the pitch.
What makes Dragonfly different from other VC firms?
Dragonfly specializes in the crypto space, with a strong emphasis on fintech-like products such as stablecoins and payment infrastructure. Their extensive network and expertise in the crypto industry provide valuable support to portfolio companies.
What is Dragonfly's geographic scope?
Dragonfly operates globally, with a significant presence in both the United States and Asia, particularly through their Singapore office. They have adapted to the changing regulatory landscape in China by relocating their operations.
What is the typical fund size and check size for Dragonfly?
Dragonfly's most recent fund, Fund IV, closed at $650 million. The firm typically leads funding rounds and provides follow-on investments, although specific check sizes can vary based on the stage and needs of the portfolio company.
What kind of post-investment involvement does Dragonfly have?
Dragonfly provides strategic support to its portfolio companies, leveraging its extensive network and expertise to help them navigate challenges and achieve growth. This includes operational support and guidance on scaling their businesses.
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