Dragonfly Capital Partners

Basics

• Strong presence in China / Asia

Investments

• According to this thread (16-2-2023):

"Total Balance $90.4m • $46m $LDO • $13.3m $TON • $10.6m $MATIC • $7m $FXS • $6.7m $AAVE • $2.5m $RBN • $1.4m $DYDX Other notable investments include Near, Cosmos, Mina, zkSync and more."

• Raised $650 million for its third fund (27-4-2022).
• Launched a new $225 million fund to invest in DeFi, NFT, and more projects (27-3-2021).
• Portfolio consists (as of 2-12-2019) of the following:

Amber, Anchorage, Celo, Coda, Coin Metrics, CoinFLEX, Compound, Cosmos, Crusoe, dY/dX, ErisX, Lumina, MobileCoin, Nuo, Oasis Labs, RenrenBit, Sia, Spacemesh, Tagomi and Uma

• 1inch. Participated in a $2.8M raise for 1inch (11-8-2020).
• Anchor; Do Kwon mentioned them as part of a $20M raise, calling the participants the 'Anchor whales' (16-3-2021). However, by the time UST depegged on the 9th of May 2022, it was quick to claim it had no exposure to LUNA (11-5-2022).
• ARC; part of a $1.5M raise (2-6-2021).
• Avalanche. Participated (25-6-2020) in a $12M private sale of Avalanche.
• Axelar; was part of one of their 3 financing rounds (1-9-2022). Also part of their $60M ecosystem fund (19-12-2022)
• BitDAO; part of their $230M private funding round (17-6-2021).
• Burrow; on NEAR, it has investors such as Jumpy Crypto, Dragonfly, Parafi, and others.
• Coinmetrics. Invested in Coinmetrics
• CoFix. Dragonfly is an investor in CoFix (7-10-2020).
• Cozy Finance. Part of a $2M raise for Cozy Finance (3-9-2020).
• Debt DAO; Dragonfly Capital lead $3.5 million seed round for Debt DAO (1-8-2022).
• DerivaDEX. Is one of the backers in a $2.7M raise for DerivaDEX (2-7-2020).
• Dune Analytics. Was the lead investor in a $2M round for Dune Analytics (23-9-2020). Participated once more in the $8M round (12-8-2021).
• dydX. Participated in a $10M Series A round investing in dYdX.
• Gauntlet/ Is an investor in Gauntlet, according to their website (19-10-2020).
• Gelato; part of their $11M raise (8-10-2021).
• FIAT DAO; part of their $2M raise (16-10-2021).
• Frax; part of their strategic round (16-7-2021).
• Hashflow; was part of their seed and Series A rounds (4-2021 and 7-2022).
• Maker, from this CoinDesk article (19-12-2019):

"Venture funds Dragonfly Capital and Paradigm have acquired $27.5 million worth of MKR tokens and plan to take part in the Maker Protocol's governance system. Announced Thursday by the Maker Foundation, the $27.5 million raised will fund the foundation's efforts to promote dai adoption in China and the broader Asia region. It's expected Dragonfly and Paradigm, who already have a strong presence in the region, will advise on the expansion. The joint purchase means Dragonfly and Paradigm now control approximately 5.5 percent of the total MKR token supply. Combined, the acquisition makes Dragonfly and Paradigm the second-largest private holder of MKR tokens. VC firm Andreessen Horowitz remains the single largest private holder with the 6 percent stake it acquired in September 2018."

• Matter Labs. Has (27-1-2020) Matter Labs in their portfolio. Participated in an undisclosed round for zkSync (1-3-2021). And again in the Series B of $50m (8-11-2021). Again in the Series C (16-11-2022).
• Mina; mentioned as one of its backers (31-3-2021).
• Monad; part of their $19M raise (14-2-2023).
• Nebulous (Sia) closed a $3.5 million pre–Series A round led by Bain Capital Ventures, along with participants like Bessemer Venture Partners and Dragonfly Capital Partners.
• Nervos Network. Invested in Nervos Network (22-1-2020)
• Nest. Dragonfly holds a position in Nest, which is used by CoFix (7-10-2020).
• Numerai. Was a purchaser of tokens in the second Numerai token sale (3-6-2020).
• Oasis Network; one of the contributors to the $160m Ecosystem Fund (17-11-2021)
• Opyn. Participated in a $2.16M raise for Opyn (23-6-2020)
• Paradigm Labs. Participated a $1M seed round for Paradigm Labs in 2018, but as of 3-2020 Paradigm Labs has closed down.
• ParaFi. Is a backer of ParaFi (20-8-2020).
• Ref Finance; according to Messari, they are one of the notable investors (30-1-2023).
• Saddle; is mentioned as an investor on Saddle's website (17-6-2021).
• Saffron Finance; is mentioned as a strategic partner (8-3-2021).
• Sia. Participated in a $3M raise for Sia (23-9-2020).
• Shima Capital; they got some of their seed money for their first $200M fund from here (17-8-2022).
• Starkware. Invested in Starkware
• TokenTerminal; they mention this as one of their 'community members' (1-8-2022), however, due to the nature of the ones named, we can assume these are investors.
• zkSync; due to the investment in Matter Labs, it can be expected that they also will own future zkSync token allocations.

Other

• Has Dragonfly Research; which publishes articles about blockchain tech.
• In 11-2019 Ivan published an article about privacy 'failures' in Grin. The Grin team wrote back. And in the end CoinDesk wrote about it, detailing both sides arguments.
• Wrote a story (31-10-2019) about how DeFi might have made Ethereum 'unforkable'
• Haseeb claimed he knew that Terra was lying about the Chai numbers (2-2023):

”I was surprised by how egregious this was. People at Terraform Labs knew it was bullshit.”

Team

• Ivan Bogatyy; Dragonfly Research
• Haseeb Qureshi; Managing Partner. Since 2-10-2019 "Haseeb first came onto our radar while he was a General Partner at MetaStable, the oldest and premier technology-focused, fundamentals-driven cryptofund. MetaStable was our first investment at Dragonfly and we’ve worked with them since 2015 when I was a partner at AngelList under Naval Ravikant, the firm’s founder. Dragonfly has co-invested with Haseeb many times in projects like Coda, Spacemesh, and Starkware that"
• Alex Pack; founding member, left to work at Huobi.