Nick Chong · 1 day ago · 2 min read · Insights via Grayscale Investments
Meet the VC Fund Bridging Beijing and San Francisco Crypto
Dragonfly Capital Partners, a fund led by crypto investor Alexander Pack and experienced Chinese venture investor with 20 years of experience Bo Feng, has raised $100 million for its first fund to invest in cryptoasset startups. Alexander Pack previous managed crypto and fund investing at Bain Capital Ventures, while Bo Feng is a founding partner at Ceyuan Ventures.
The fund will invest in three types of assets: crypto-focused funds with a vision to become asset management giants in the cryptoasset space, pioneering protocols and applications, and infrastructure plays, bridging the crypto and non-crypto worlds.
Meet the Dragonfly Management
According to Alexander Pack:
“Crypto is a new asset class, and it made sense to have a new firm to support it.”
Dragonfly Capital Partners is looking to Asia to continue being a prominent market for crypto use cases, particularly in financial applications. Pack describes the fund as “unconstrained”, operating without the typical restrictions that larger and more developed firms often see.
According to Bo Feng,
“I see a parallel between the Internet boom in the ’90s and the current cryptocurrency market opportunity. The crypto revolution may be even bigger than the Internet and more global. We take an ecosystem approach, investing in fund managers around the world and connecting the top technologists from the West to the largest crypto companies and user bases in Asia.”
Dragonfly Investors and Portfolio
Dragonfly Capital Partners investors include Bitmain, OKEx, Marc Andreessen and Chris Dixon of A16Z, Salil Deshpande of Bain Capital Ventures, Cyan Banister of Founders Fund, Olaf Carlson-Wee of Polychain Capital, Neil Shen of Sequoia China, Eric Xu of Baidu, Bob Xiaoping Xu of ZhenFund, JP Gan of Qiming Venture Partners, Annie Xu of Alibaba U.S., and more.
Dragonfly already has a portfolio of over 20 investments, including leading crypto-focused funds and asset managers, protocols (including Spacemesh and Oasis Labs), and blockchain-based financial infrastructure (including stablecoin Basis).
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