Dragonfly Capital Companions, a brand new crypto-focused enterprise capital agency, has introduced the launch of its first $100 million fund devoted to investments in crypto belongings. Its buyers embrace Okex, Bitmain and different well-known names in the business.
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Meet Dragonfly Capital Companions
Dragonfly guarantees to make investments in three varieties of belongings: crypto-native funds, “pick-and-shovel” tech startups and decentralized protocols and functions. It launches with a portfolio of greater than 20 investments, together with cryptofunds and asset managers, the stablecoin Foundation, Spacemesh and Oasis Labs.
The founding crew is led by managing companions Alexander Pack and Bo Feng. Pack beforehand managed crypto and fund investing for Bain Capital Ventures and was a common companion investor in Polychain Capital. Feng is the founding companion of Ceyuan Ventures and the most important investor in Okex, amongst many different ventures.
“All through our years of investing in crypto at our respective VC corporations, we realized how tough it’s for incumbent funding corporations to take part in this tech development. The difficulty is that crypto is not only a brand new know-how however a brand new tech-driven asset class, one thing we haven’t witnessed in a long time,” mentioned Pack. “A brand new asset class requires a brand new breed of asset supervisor. That’s why we launched a crypto-dedicated fund and why we make investments in different cryptofunds.”
Bringing East and West Collectively
Dragonfly claims to have recognized a market alternative to “bridge the hole between East and West in the crypto economic system,” and thus has attracted buyers from all through the U.S. and Asia.
American buyers embrace Salil Deshpande (Bain Capital Ventures), Marc Andreessen and Chris Dixon (A16Z), Cyan Banister (Founders Fund) and Olaf Carlson-Wee (Polychain Capital). Asian buyers embrace Neil Shen (head of Sequoia China), Eric Xu (founding father of Baidu), Bob Xiaoping Xu (founding companion of Zhenfund), Zhang Tao (chairman and founding father of Meituan-Danping), Bao Fan (founder and CEO of China Renaissance Financial institution), Cai Wensheng (founder and chairman of Meitu), Justin Tang (founder and CEO of X Monetary, elong), JP Gan (Qiming Venture Companions), and Annie Xu (head and common supervisor of Alibaba U.S.).
“I see a parallel between the web increase in the ’90s and the present cryptocurrency market alternative,” mentioned Feng, who was one of many first enterprise buyers on the web. “The crypto revolution could also be even greater than the web and extra international. We take an ecosystem method, investing in fund managers around the globe and connecting the highest technologists from the West to the most important crypto corporations and consumer bases in Asia.”
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