Dragonfly Capital Partners has managed to raise $100 million from investors as it starts a fund that will focus on investing in cryptocurrency startups. The fund is led by managing partners Alexander Pack and Bo Feng. Both are vastly experienced in managing VC firms. Pack is a young crypto venture capitalist. He was previously in charge of managing crypto and fund investing at Bain Capital Ventures. Feng is a venture capital veteran who has over 20 years of experience. He is also the founding partner of Ceyuan Ventures. Dragonfly Thinks It Has The Solution The people behind Dragonfly believe that have identified a market opportunity. Something that will help bridge the gap between East and West in the cryptocurrency economy by investing in and bringing in companies that are across geographies and asset types. Commenting on the solution that Dragonfly is bringing, Pack says: “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. The issue is that crypto is not just new technology but a new tech-driven asset class, something we haven’t witnessed in decades.” He adds that “a new asset class calls for a new breed of asset managers.” It’s the reason why they have decided to launch a crypto dedicated fund that will also invest in other crypto funds. The crypto fund will invest in three types of assets: protocols and applications that want to be the foundation of the decentralized economy, native crypto funds that want to become asset management dynasties for cryptocurrency asset class and pick and shovel tech startups that are building the bridges between centralized and decentralized worlds. Feng says that he sees a parallel between the opportunity provided by the current crypto market and the internet boom in the 1990’s. He adds: “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.” The fund has managed to attract some of the top tech founders and investors from across Asia and the U.S. Some of the involved investors include Marc Andreessen, Chris Dixon, and many more. The project already has an active portfolio of over 20 investments. It includes decentralized financial infrastructure platforms such as Basis, leading tech-driven asset managers and crypto funds, and foundational protocols like Oasis labs.
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