Dragonfly

Dragonfly is a crypto-focused venture capital firm founded in 2018 by Bo Feng, a veteran tech investor tied to Ceyuan Ventures, and Alexander Pack, who previously directed crypto investments at Bain Capital Ventures. Headquartered in New York with operations in Singapore, the partnership is led by Managing Partner Haseeb Qureshi, General Partner Rob Hadick, and Partner Tom Schmidt. The firm manages over $4 billion in assets across multiple venture vehicles and liquid strategies, having also acquired early digital asset fund Metastable.

Dragonfly writes checks typically ranging from $3 million to over $30 million and invests from seed to Series B and beyond. Capital deployment began with its initial $100 million fund in 2018, followed by a $225 million fund in 2021 and a $650 million Fund III in 2022. In February 2026, the firm closed its fourth flagship fund, Dragonfly Fund IV, raising $650 million against a $500 million target to back blockchain infrastructure, DeFi, stablecoins, and tokenized real-world assets.

Its portfolio spans more than 160 investments. Key holdings include prediction market Polymarket, where Dragonfly backed its $45 million Series B in May 2024 and an additional $150 million round in October 2025. Other notable portfolio positions include on-chain data network Dune, leading its $2 million seed round in September 2020 before joining its $69.4 million Series B in February 2022, as well as decentralized exchange 1inch, liquid staking protocol Lido, Axelar, Ethena, and Lighter.