Dragonfly is a crypto-native venture capital firm that focuses on early-stage investments in financial infrastructure built on blockchain technology. Their strategy emphasizes areas like stablecoin infrastructure, tokenization of traditional financial assets, and agentic AI systems requiring payment and settlement solutions, often employing a counter-cyclical approach during market downturns.
33% of their portfolio is in Crypto & Web3. Deal activity decreased year-over-year (5 deals in the last 12 months vs 8 prior). Their most common stage is seed (43% of deals). Average disclosed round size is $41.7M (across 44 rounds with reported amounts).
Portfolio
46
Fund Size
$5B
Top Stage
Seed
Last 12 Mo
5
Team
Portfolio Breakdown
Stage Distribution
Sector Distribution
Investment Activity
DealsAvg Round Size
Portfolio
46 investments
| Company | Round | Amount | Date |
|---|---|---|---|
 Mesh | Series C | $75M | Jan 2026 |
 Rain | Series C | $250M | Jan 2026 |
 ZAR | Series A | $12.9M | Oct 2025 |
| Rain | Series B | $58M | Aug 2025 |
 MyPrize | Series B | $21M | Jul 2025 |
 Codex PBC | Seed | $15.8M | Apr 2025 |
 Level | Seed | $2.6M | Mar 2025 |
| AAxelar Foundation | Unknown | $30M | Mar 2025 |
 August | Series A | $10M | Mar 2025 |
| FFantasy | Seed | $4.3M | Dec 2024 |
| AAvalanche Foundation | Growth | $250M | Dec 2024 |
 Prodia | Seed | $15M | Jul 2024 |
 Nexus Laboratories, Inc. | Series A | $25M | Jun 2024 |
 Agora | Seed | $12M | Apr 2024 |
 Morph | Seed | $19M | Mar 2024 |
 Medallion | Series A | $13.7M | Dec 2023 |
| OOP3N | Series A | $28M | Mar 2023 |
 Zarta | Seed | $5.7M | Mar 2023 |
 Andrena | Series A | $15M | Feb 2023 |
 Kaito | Seed | $5.3M | Feb 2023 |
| MMonad Labs | Seed | $19M | Feb 2023 |
 Caldera | Seed | $9M | Feb 2023 |
 Revel | Seed | $7.8M | Dec 2022 |
| EEjara | Series A | $8M | Nov 2022 |
 Matter Labs | Series C | $200M | Nov 2022 |
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Top Co-Investors
Coinbase Ventures7 shared
Pantera5 shared
Polychain Capital5 shared
Lightspeed Venture Partners5 shared
Sequoia China4 shared
Sequoia Capital4 shared
Alameda Research3 shared
Root Ventures3 shared
Galaxy Digital Ventures3 shared
Spartan Group3 shared
Galaxy Ventures3 shared
Andreessen Horowitz3 shared
Endeavor Catalyst3 shared
Foresight Ventures3 shared
Jump Capital2 shared
GSR Ventures2 shared
CMT Digital2 shared
Symbolic Capital2 shared
TRGC2 shared
Hashed2 shared
Last updated: 12 April 2026