According to a report from Bloomberg on September 17, an unnamed source revealed that San Francisco-based venture capital firm Dragonfly Capital is looking to raise $500 million for its fourth crypto fund.
The fundraising efforts have already hit the halfway mark, with $250 million already raised. They expect to complete the fundraising process by the first quarter of 2025.
The fund will primarily focus on early-stage investments in crypto and blockchain-based projects.
Dragonfly has a track record of investing in over 100 digital asset companies and projects, including Ethena, Andrena, Cosmos, and Monad Labs. In 2022, the firm closed its third fund, which was worth $650 million.
