Dragonfly is a global crypto-focused venture capital firm that backs researchers and builders pushing the crypto ecosystem forward. With offices in New York City and Singapore, the firm invests across stages from seed to Series B and beyond, with checks ranging from $3M to $30M+.
34% of their portfolio is in Crypto & Web3. Average disclosed round size is $44.2M (across 161 rounds with reported amounts).
Portfolio
147
Fund Size
$650M
Top Stage
Seed
Last 12 Mo
11
Team
TL
Tony Li
Portfolio Support Partner - Asia
JL
Joshua Lim
Liquid Portfolio Analyst
HB
Heather Bailey
Head of Events
HM
Hildebert Moulié
Head of Data Science
JL
Judy LEE
Managing Director & Co-Founder
Portfolio Breakdown
Stage Distribution
Sector Distribution
Investment Activity
DealsAvg Round Size
Portfolio
179 investments
| Company | Round | Amount | Date |
|---|---|---|---|
 Velocity | Series A | $38M | Jul 2026 |
 Variational | Seed | $10.3M | May 2026 |
 Mesh | Series C | $75M | Jan 2026 |
 Rain | Series C | $250M | Jan 2026 |
 Rain | Series C | $250M | Jan 2026 |
 Rain Financial | Series C | $250M | Jan 2026 |
 Rain | Series C | $250M | Jan 2026 |
 Rain | Series C | $250M | Jan 2026 |
| VVenice AI | Series A | $65M | Jan 2026 |
 Velocity | Unknown | $38M | Jan 2026 |
 Rhythmic | Seed | $4M | Jan 2026 |
 StablecoinX | Unknown | $890M | Jan 2026 |
| Variational | Series A | $50M | Jan 2026 |
 ZAR | Series A | — | Oct 2025 |
 Inversion Labs | Seed | $26.5M | Sep 2025 |
| Rain | Series B | — | Sep 2025 |
| Rain | Series B | $58M | Aug 2025 |
| Rain | Series B | — | Aug 2025 |
 MyPrize | Series B | $21M | Jul 2025 |
 Twocents | Pre-Seed | $3M | Jun 2025 |
| CConduit Technology | Series A | $36M | May 2025 |
 Codex | Seed | $15.8M | Apr 2025 |
 Level | Seed | $2.6M | Mar 2025 |
| AAxelar Foundation | Unknown | $30M | Mar 2025 |
 DoubleZero | Unknown | $28M | Mar 2025 |
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Top Co-Investors
Coinbase Ventures33 shared
Galaxy Ventures18 shared
Lightspeed Venture Partners15 shared
Polychain Capital15 shared
Paradigm14 shared
Circle Ventures13 shared
Wintermute Ventures13 shared
Andreessen Horowitz11 shared
Pantera Capital11 shared
Multicoin Capital9 shared
Norwest Venture Partners8 shared
Sapphire Ventures8 shared
Lemniscap8 shared
Mirana Ventures8 shared
ParaFi Capital8 shared
Animoca Brands8 shared
Jump Crypto8 shared
Foresight Ventures7 shared
FirstMark Capital7 shared
Last updated: 7 October 2026