Dragonfly Capital, a well-known investment fund in the industry announced its third round of funding, valued at $650 million.

Dragonfly Capital "strongly" launched the third crypto investment fund worth $650 million
Dragonfly Capital "strongly" launched an investment fund Tuesday worth 650 million USD

The newly created fund will be called Dragonfly Fund III, which has easily surpassed the company's previous funds, which raised $100 million in 2018 and $225 million in 2021. Participating partners in this funding round include Tiger Global, KKR, Sequoia China, Invesco and many more.

The size of the new fund puts Dragonfly in the same league as the giants Sequoia Capital and Bain Capital, each of which have recently committed nearly $600 million to the market. , proving that the venture capital craze that drove last year's record-high fund sizes hasn't slowed down.

Founded in 2018, Dragonfly Capital's investment portfolio includes a series of the biggest names in the market today, including platforms as (), , data analytics company Dune Analytics or floor .

Read more  CZ "crypto market resembles 2008 financial crisis"

Historically, Dragonfly has been primarily involved in the early-stage funding process. However, according to a blog post, Dragonfly will allow the company's third fund to lead Series B rounds or more, staying with the project longer into adulthood. The target for new capital is still focused on the main protocols of Web3 besides , and .

Dragonfly's move comes at a time when the wave of investment focused on the crypto industry is at an all-time high. In the first quarter of 2022 alone, the fundraising activity of the crypto industry has reached the milestone of 12.5 billion USD.

In addition, since the beginning of 2022 until now, there have appeared 10 huge investments in Web3, worth up to billions of USD, from both traditional organizations as well as in the crypto industry, including ($2 billion), Bessemer ($250 million), Griffin Partners ($750 million), The Graph ($205 million), Stacks ($165 million), Haun Ventures ($1.5 billion), Avalanche ($100 million), Nexo ($150 million), White Star Capital ($120 million) and Framework Ventures ($400 million).

Join our channel to get the latest investment signals!