Dragonfly Capital Partners
UnclaimedAt a Glance
- Check Size
- $100K – $10M
- Stage
- Pre-Seed, Seed, Series A, Series B+
- AUM
- $1.6B+
- Sectors
- Web3, Fintech
- Founded
- 2018
- HQ
- San Francisco, CA
About Dragonfly Capital Partners
Dragonfly Capital Partners is a venture capital firm based in San Francisco, CA founded in 2018. Dragonfly is a leading crypto investment fund. We back the best researchers and builders who will push the entire crypto ecosystem forward. The firm focuses on Pre-Seed, Seed, Series A, Series B+ investments across sectors including Aerospace & Defense, Other, Consumer, Fintech, Climate.
The firm manages $650M in assets under management. Notable portfolio companies include Compound, MakerDAO, dYdX, Avalanche, Near Protocol, Celo, Phantom and OpenSea. Focuses on crypto and blockchain investments across infrastructure, DeFi, and Web3 applications. Invests in early-stage crypto protocols and companies building the decentralized internet.
Investment Thesis
“Focuses on crypto and blockchain investments across infrastructure, DeFi, and Web3 applications. Invests in early-stage crypto protocols and companies building the decentralized internet.”
Sector Focus
Investment Stage
Notable Portfolio Companies
View full portfolio →
Fund History
- Dragonfly launched in 2018 out of a partnership between Bo Feng, founder of the Chinese venture firm Ceyuan Ventures, and Alexander Pack, who had run crypto investing at Bain Capital Ventures, and unveiled a $100 million inaugural fund in October 2018 positioned as a bridge between Chinese and U.S. crypto markets.
- SEC filings track the progression.
- Dragonfly Ventures L.P., a Cayman partnership, recorded a first sale on June 7, 2018.
- Dragonfly Ventures II, L.P. filed in December 2020 against a $200 million target and was reported at $225 million.
- Dragonfly Ventures III, L.P. closed at $650 million with a first sale on January 28, 2022, backed by multiple Ivy League endowments and KKR. Dragonfly Ventures IV, L.P. filed in November 2024, showed $431.7 million sold by its October 2025 amendment, and closed at $650 million in February 2026, roughly 30 percent above its $500 million target.
- The firm also runs Dragonfly HF L.P., an open-ended liquid vehicle first sold in June 2021.
- Fund IV is being deployed into DeFi, stablecoins and tokenized real-world assets.
SEC Fund Filings
- Vehicles filed, last 24 months
- 1
- Latest filing
Dragonfly Capital Partners filed a Form D for 1 fund vehicle between Sep 30, 2024 and Sep 29, 2026.
| Fund vehicle | Source |
|---|---|
| Dragonfly Ventures IV, L.P. | SEC Form D, filed |
A Form D is the notice a fund files with the SEC when it raises money in a private offering. Feeder funds, parallel funds and SPVs each file their own, so the count measures filing activity, not the number of flagship funds.
Source: SEC EDGAR Form D filings for pooled investment funds, original filings only (amendments excluded). Our filing data starts Jul 1, 2024. Vehicles are matched to Dragonfly Capital Partners by fund name and checked against the sponsor address and named principals on each filing; offering amounts are not shown. Each “SEC Form D” link opens an EDGAR full-text search for that vehicle’s exact name, where the filing itself is listed. See every new fund filing on the Form D Radar.
Team (5)
Frequently Asked Questions
What stage does Dragonfly Capital Partners invest at?
Dragonfly Capital Partners primarily invests at the Pre-Seed, Seed, Series A, Series B+ stages. This means they focus on companies that are at the earliest idea or prototype phase.
Where is Dragonfly Capital Partners located?
Dragonfly Capital Partners is headquartered in San Francisco, CA. Many of their portfolio companies are also based in this region, though they invest across geographies.
What sectors does Dragonfly Capital Partners focus on?
Dragonfly Capital Partners focuses on investments in Web3, Fintech. Their portfolio reflects deep expertise and networks within these sectors.
What is Dragonfly Capital Partners's typical check size?
Dragonfly Capital Partners's typical investment check size ranges from $100K to $10M. Actual amounts may vary based on the stage, sector, and specific opportunity.
How much does Dragonfly Capital Partners have under management?
Dragonfly Capital Partners manages approximately $1.6B+ in assets under management (AUM) across their funds.
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