Key Takeaways
- • Dragonfly Capital Partners is launching its first fund, targeting $100 million for crypto investments, according to FinTech Futures.
- • The firm is led by managing partners Alexander Pack, a former Bain Capital Ventures manager, and Bo Feng, founding partner of Ceyuan Ventures.
- • Dragonfly's strategy spans three areas: crypto-native asset managers, decentralised economy protocols and applications, and start-ups bridging decentralised and centralised finance.
- • The firm reports an active portfolio of more than 20 investments at launch, including Basis, Spacemesh and Oasis Labs.
- • Backers include OKEx, Bitmain, Polychain Capital, Sequoia China, Baidu and Alibaba US, with Marc Andreessen and Chris Dixon of a16z participating in an investment.
Summary
Dragonfly Capital Partners, a venture fund focused on crypto asset access, is launching its first fund with $100 million earmarked for crypto investments, according to FinTech Futures. The firm is led by managing partners Alexander Pack, a cryptocurrency venture capitalist and former manager at Bain Capital Ventures, and Bo Feng, a venture capital veteran and founding partner of Ceyuan Ventures.
Dragonfly says its aim is to bridge the gap between East and West in the crypto economy. Its investment strategy focuses on three asset types: crypto-native funds seeking to become leading asset management names in crypto; protocols and applications supporting a decentralised economy; and technology start-ups building bridges between decentralised and centralised systems. Pack argued that incumbent investment firms have struggled to participate in the trend, describing crypto as a new tech-driven asset class and calling for a new breed of asset manager. Feng drew a parallel between the current crypto opportunity and the internet boom of the 1990s, and said the firm takes an ecosystem approach, investing in fund managers globally and connecting Western technologists with large crypto companies and user bases in Asia.
The firm launches with more than 20 active investments, including tech-driven crypto funds and asset managers, decentralised financial infrastructure such as the cryptocurrency Basis, and foundational protocols including Spacemesh and Oasis Labs. Its investors include OKEx, a cryptocurrency exchange, and the mining company Bitmain, which the article describes as the "largest blockchain company in the world". Other listed investors include Polychain Capital, Sequoia China, Baidu and Alibaba US.
The article places the launch in the context of crypto-focused venture vehicles, noting that Andreessen Horowitz unveiled its $300 million a16z crypto fund the previous June. Marc Andreessen and Chris Dixon of a16z participated in a Dragonfly investment.
Dragonfly says its aim is to bridge the gap between East and West in the crypto economy. Its investment strategy focuses on three asset types: crypto-native funds seeking to become leading asset management names in crypto; protocols and applications supporting a decentralised economy; and technology start-ups building bridges between decentralised and centralised systems. Pack argued that incumbent investment firms have struggled to participate in the trend, describing crypto as a new tech-driven asset class and calling for a new breed of asset manager. Feng drew a parallel between the current crypto opportunity and the internet boom of the 1990s, and said the firm takes an ecosystem approach, investing in fund managers globally and connecting Western technologists with large crypto companies and user bases in Asia.
The firm launches with more than 20 active investments, including tech-driven crypto funds and asset managers, decentralised financial infrastructure such as the cryptocurrency Basis, and foundational protocols including Spacemesh and Oasis Labs. Its investors include OKEx, a cryptocurrency exchange, and the mining company Bitmain, which the article describes as the "largest blockchain company in the world". Other listed investors include Polychain Capital, Sequoia China, Baidu and Alibaba US.
The article places the launch in the context of crypto-focused venture vehicles, noting that Andreessen Horowitz unveiled its $300 million a16z crypto fund the previous June. Marc Andreessen and Chris Dixon of a16z participated in a Dragonfly investment.
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