Venture Fund Dragonfly Launches $100M Crypto Investment Fund

Announcements, Investing, News | October 10, 2018 By:

Dragonfly Capital Partners has announced a $100 million fund dedicated to cryptocurrency investments.

Dragonfly Capital Partners is a new venture fund founded by Alexander Pack, a crypto venture capitalist who previously managed crypto and fund investing for Bain Capital Ventures, and Bo Feng, a venture capital veteran with more than 20 years of experience and founding partner of Ceyuan Ventures. Its investors include some of the most prominent global blockchain companies, such as crypto exchange OKEx, and crypto mining giant Bitmain.

Dragonfly will be basing its investment strategy on Pack’s experience on crypto investments and Feng’s successful track record of launching and managing multi-billion-dollar venture capital funds. The company aims to bridge the gap between East and West in the crypto economy, and will invest in three types of assets. These include crypto-native funds, protocols and applications, and pick-and-shovel tech startups building bridges between the decentralized and centralized worlds.

“Throughout our years of investing in crypto at our respective VC firms we realized how difficult it is for incumbent investment firms to participate in this tech trend,” said Pack. “The issue is that crypto is not just a new technology but a new tech-driven asset class, something we haven’t witnessed in decades. A new asset class calls for a new breed of asset manager. That’s why we launched a crypto-dedicated fund and why we invest in other crypto funds.”

The new venture fund has already deployed $20 million into more than 20 startups and funds, including price-stable cryptocurrency Basis and foundational protocols Spacemesh and Oasis Labs.

“I see a parallel between the Internet boom in the ‘90s and the current cryptocurrency market opportunity,” said Feng, who was one of the first venture investors in the Internet. “The crypto revolution may be even bigger than the Internet and more global. We take an ecosystem approach, investing in fund managers around the world and connecting the top technologists from the West to the largest crypto companies and user bases in Asia.”