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Hot Fund
#70 · Emerging 100 · 2026

Dragonfly Capital Partners

www.dragonfly.xyz · San Francisco, California

“We back the best researchers and builders who will push the entire crypto ecosystem forward. We believe in supporting foundational blockchain technologies, innovative DeFi protocols, and breakthrough applications that will define the next generation of digital economies.”

$1M – $75M
Check Size
Leads & Follows
Lead Tendency
$1.1B
AUM
~2 Weeks
Timeline
01Investment Thesis

We back the best researchers and builders who will push the entire crypto ecosystem forward. We believe in supporting foundational blockchain technologies, innovative DeFi protocols, and breakthrough applications that will define the next generation of digital economies.

Exclusion Criteria

No pure financial engineering without technical innovation, inexperienced founders, projects primarily motivated by token speculation, or teams without clear product-market fit understanding.

02Investment Team
HQ
Haseeb Qureshi
Managing Partner
BF
Bo Feng
Managing Partner
TS
Tom Schmidt
General Partner
RH
Rob Hadick
General Partner
GQ
Gengmo Qi
Partner
OK
Omar Kanji
Partner
CT
Casey Taylor
Head of Portfolio Support
TL
Tony Li
Portfolio Support Partner - Asia
03F4 Research Brief

Dragonfly Capital Partners Research

Investment Thesis

Dragonfly Capital Partners is a leading global crypto-focused venture capital firm dedicated to backing "the best researchers and builders who will push the entire crypto ecosystem forward." Founded in 2018, Dragonfly operates as a bridge between Western and Asian crypto markets with deep networks in both regions. The firm believes in supporting foundational blockchain technologies, innovative DeFi protocols, and breakthrough applications that will define the next generation of digital economies.

The fund's investment philosophy centers on identifying early-stage projects with exceptional technical teams and transformative potential. Rather than focusing narrowly on specific sectors, Dragonfly takes a portfolio approach across the entire crypto ecosystem, from infrastructure and scaling solutions to novel DeFi mechanisms and native crypto applications.

Investment Stage & Check Size

Dragonfly invests across all stages of blockchain and cryptocurrency development:

Stage Focus:

  • Pre-seed: Very early projects with exceptional teams
  • Seed: Proof-of-concept stage projects, $1M-$10M funding range
  • Series A: Products with initial traction, $5M-$20M+ range
  • Later stages: Follow-ons and growth-stage crypto companies

Typical Check Sizes:

  • Seed investments: $1M-$10M (common range $2M-$5M)
  • Growth-stage: $10M-$50M+ (as seen in recent leads like Mesh $75M Series C in Feb 2026)
  • The firm has demonstrated capacity for large checks, with recent investments including Agora Finance ($50M), Rain ($58M), and Codex ($16M seed with $14M from Dragonfly)

Dragonfly scales its check size with company maturity and impact potential. The firm leads quality rounds but will also participate in promising investments where other tier-1 VCs are leading.

Sector & Focus Areas

Primary Sectors:

  1. Blockchain Infrastructure & L1/L2s - Layer 1 protocols (Polygon, Ethereum alternatives), Layer 2 scaling solutions (Monad, MegaEth), rollup technologies
  2. DeFi (Decentralized Finance) - Lending protocols, derivatives, AMMs, yield aggregators, crypto-native financial primitives (Uniswap, Compound, MakerDAO historical investments)
  3. Crypto Infrastructure - Developer tools, smart contract platforms, security solutions, wallet technologies, API infrastructure
  4. Payments & Financial Services - Crypto payments, stablecoins, institutional infrastructure, cross-border settlement (Rain, Conduit Pay, Mesh)
  5. Applications & Ecosystems - Gaming, NFTs, social, creator economy, consumer crypto

Fund Overview

Fund III (Current Active Fund):

  • Closed: April 2022
  • Size: $650M (oversubscribed against $500M target)
  • Focus: Crypto infrastructure, DeFi, smart contract scaling, breakthrough applications
  • Deployment status: Actively deploying through 2025-2026

Fund IV (Fundraising):

  • Target Size: $500M
  • Announced: September 2024
  • Focus: Early-stage crypto projects with transformative potential
  • Status: Actively fundraising

Total Assets Under Management: Approximately $1.15B+ when combining Fund III and deployed capital

Recent Investment Activity

Dragonfly has been highly active in 2025-2026. Notable recent investments include:

  • Mesh Network - $75M Series C (Feb 2026) - Crypto payment network reaching $1B valuation, led by Dragonfly
  • Inversion Labs - $26.5M Seed (Sept 2025) - Blockchain infrastructure, led by Dragonfly
  • Rain - $58M (Aug 2025) - Stablecoin infrastructure
  • Codex - $16M Seed (April 2025) - Blockchain development, $14M from Dragonfly
  • Agora Finance - $50M (July 2025) - DeFi financial services
  • Conduit Pay - $36M (May 2025) - Crypto payments

The firm's deployment pace reflects a move into growth-stage capital allocation while maintaining seed-stage sourcing.

Portfolio Highlights

Notable Portfolio Companies:

  • Polygon (MATIC) - Ethereum scaling solution
  • Consensys - Ethereum infrastructure
  • Uniswap - Decentralized exchange
  • Compound - DeFi lending protocol
  • MakerDAO - DAI stablecoin
  • Animoca Brands - Web3 gaming leader
  • NEAR Protocol - Layer 1 blockchain
  • StarkWare - Cairo/Starknet scaling
  • Amber Group - Crypto trading
  • Mesh Network - Reaching $1B valuation (2026)

Total Portfolio: 160+ investments (as of Jan 2026)

Team & Decision Makers

Investment Leadership:

  • Haseeb Qureshi - Managing Partner
  • Bo Feng - Managing Partner
  • Tom Schmidt - General Partner
  • Rob Hadick - General Partner
  • Gengmo Qi - Partner
  • Omar Kanji - Partner

Support & Operations:

  • Casey Taylor - Head of Portfolio Support
  • Tony Li - Portfolio Support Partner (Asia)
  • 30+ additional team members across operations, compliance, talent

Total team size: 40+ professionals

Investment Approach

Technical Depth: Partners conduct deep technical diligence on infrastructure projects, with team members having engineering and research backgrounds.

Active Investors: Beyond capital, Dragonfly provides strategic advice, institutional connections, market research, and founder support.

Founder Preferences: Teams with technical excellence, crypto-native thinking, execution track records, and clear vision. Founded by and for builders within the ecosystem.

Geographic Focus

Global with strong presence in:

  • North America (SF Bay Area, NYC)
  • Asia-Pacific (Singapore, Hong Kong, Shanghai, Tokyo, Seoul)
  • Europe (Berlin, London, Zurich)

The firm bridges US and Asian crypto ecosystems with deep networks in both regions.

Market Positioning

Dragonfly is ranked among the top 5-10 crypto VCs globally, built on:

  1. Early institutional adoption (founded 2018)
  2. Strong portfolio returns and multiple unicorns
  3. Thought leadership from managing partners
  4. Access to Asian networks
  5. Operational excellence and compliance

Future Focus

Based on 2025-2026 investments, focus areas include:

  • L1/L2 scaling solutions
  • Crypto-native payments infrastructure
  • Institutional on-ramp/custody solutions
  • AI + Crypto convergence
  • Regulatory-compliant solutions
04Selected Portfolio
Biotech & Life Sciences
Variational
Crypto & Web3
Uniswap·Compound·MakerDAO·Consensys·NEAR·starkware.co·Amber Group·Codex·Conduit Pay·Ethena·Megapot·Rhythmic
Enterprise Software
Mesh Network·Sapiom AI·Velocity
Fintech & Payments
Rain·Agora Finance·Polymarket
Other
Inversion Labs·Polygon·Animocabrands
Open the full portfolio→
05Recent Updates

Fresh signals from public announcements, essays, and portfolio activity.

See full activity (12) →
Dragonfly led Sapiom's $35M Series A; Haseeb Qureshi joins board. Sapiom is an AI agent infrastructure platform. First AI-focused investment for Dragonfly.
INVESTMENT·sapiom.ai
AUG 5, 2026
Dragonfly co-led Velocity's $38M Series A (with FirstMark) for enterprise stablecoin treasury and settlement infrastructure. Rob Hadick led the deal.
INVESTMENT·velocity.xyz
JUL 14, 2026
Led Variational's approximately $50M Series A for on-chain derivatives and real-world asset markets.
INVESTMENT·businesswire.com+1
MAY 20, 2026
Backed Polymarket Series B funding round for decentralized prediction markets infrastructure.
INVESTMENT·fortune.com
Added recently
Led Megapot's $5M pre-seed round to build a global on-chain lottery.
INVESTMENT·megapot.io
MAR 26, 2026
06Frequent co-investors
CV
Coinbase Ventures
Both backed 5 of the same companies
Variational, Sapiom AI, starkware.co, Compound,
+1 moreUniswap
PC
Pantera Capital
Both backed 5 of the same companies
Codex, NEAR, starkware.co, MakerDAO,
+1 moreUniswap
P
Paradigm
Both backed 4 of the same companies
starkware.co, MakerDAO, Compound, Uniswap
MC
Multicoin Capital
Both backed 3 of the same companies
NEAR, starkware.co, Ethena
SA
SV Angel
Both backed 3 of the same companies
NEAR, Polymarket, Uniswap
Find the investors for your round→
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Quick Reference
Check Size
$1M – $75M
Stages
Pre-Seed · Seed · Series A · Series B · Growth
AUM
$1.1B
Decision
Partnership · ~2 Weeks
Warm Intro
Preferred
Involvement
Advisor
Location
San Francisco, California
Sector Focus
Fintech & PaymentsEnterprise SoftwareCrypto & Web3Developer Tools & Infrastructure
Models
CryptoDeFiStablecoinsPayments InfrastructureOn-Chain DerivativesTokenized Real-World AssetsCrypto Gaming
Technology
BlockchainCryptocurrencySmart Contracts
See all Fintech & Payments investors →See all Enterprise Software investors →See all Crypto & Web3 investors →
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Focus Areas
Fintech & PaymentsEnterprise SoftwareCrypto & Web3Developer Tools & Infrastructure

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F4 Intelligence Report · Last Researched August 30, 2026F4 Research Engine