Dragonfly is the crypto fund built to bridge East and West. Founded in 2018 as Dragonfly Capital Partners by Alexander Pack (formerly investing in crypto at Bain Capital Ventures) and Bo Feng (a 20-year VC veteran and founding partner of Ceyuan Ventures), it rebranded in 2022 — dropping "Capital" — and acquired Metastable, the crypto hedge fund co-founded by Naval Ravikant. Today it operates as Dragonfly Ventures, Dragonfly Liquid and Metastable, from offices in New York City and Singapore, with a team of over 40.

The firm's own words set the tone: "Eight years in, Dragonfly brings access and influence to teams with global aspirations to find adoption anywhere," and "We support teams tackling big, wicked problems. Working on something weird? We love the weird stuff." It invests across stages — seed to Series B and beyond — writing cheques from $3M to $30M+, globally. Its portfolio sector tags read like a crypto map: CeFi, DeFi, infrastructure, L1–L2s, NFTs and stablecoins. Recent Fund III-era focus has been crypto infrastructure, DeFi, smart-contract scaling and consumer crypto; the 2026 Fund IV is doubling down on payments and stablecoins.

Fund history is public and proud. Fund I closed at $100M in 2018. Fund II was reported at $225M–$250M in 2021 (press reports differ slightly). Dragonfly Ventures III closed at $650M in 2022 — at its hard cap, against a $500M target — with LPs including KKR, Tiger Global, Sequoia China, Invesco, Ivy League endowments, US pensions and sovereign wealth funds. Dragonfly Fund IV closed at $650M in February 2026 amid bear-market gloom.

Portfolio standouts on the firm's own site include Polymarket, Ethena, NEAR Foundation, Bybit, Dune Analytics, Rain, MegaEth, Monad and Index, alongside Avalanche, 1inch, Anchorage, Aptos, Compound, Cosmos, dYdX, Eigenlayer, Lido, MakerDAO, Optimism, Starkware and Polygon. Managing Partners Haseeb Qureshi and Bo Feng lead the firm, with General Partners Tom Schmidt and Rob Hadick.

There is no accelerator or incubator. What Dragonfly does offer is a serious founder-support platform — a dedicated founder-support team, published research including crypto compensation reports and token-compensation guides, and a careers function placing talent across the portfolio.

Why it matters for founders

Dragonfly is the pitch for globally ambitious crypto founders: it writes meaningful seed-to-B cheques, has genuine reach across both US and Asian markets, and its founder-support platform (compensation data, token guides, talent help) is unusually practical. If your protocol or consumer crypto product needs to win in more than one region — payments, stablecoins, exchanges, L1/L2 infrastructure — this is a firm that was literally built for that brief.