# Dragonfly Capital Partners: portfolio, investments and team

> Dragonfly Capital Partners is a vc firm based in United States. 149 investments on record, 18 in the last 12 months, latest Sept 2026.

Source: https://millionrounds.com/fund/dragonfly-capital-partners (Millionrounds; every figure on the page links to its filing or article)

United States · [Investor](https://millionrounds.com/investors)

# Dragonfly Capital Partners

Last cheque observed Sep 2026; 149 cheques on record.

Deploying now VC firm

Pre-seed Seed Series A Cryptocurrency / Blockchain E-Commerce FinTech

Deploying now

**62%** of best year **18** **cheques in 12 months**, 149 on record

Since the last cheque **55** days **00** hrs **00** min **00** sec

Median round **$10M** Cheque size, as they say **$3.0M – $30M** Rounds led **5 of 149** Sole investor **5 rounds** Mostly in **United States, 65%**

Pitch Dragonfly Capital Partners

## Dragonfly Capital Partners highlights

- 01 18 cheques in the last 12 months
- 02 Mostly Seed and Venture: 71% of its rounds
- 03 Sole investor in 5 rounds, median $11M

## What they do

- **Type:** VC firm (from a list, unverified)
- **Cheque size:** $3.0M – $30M as they say
- **Stages:** Pre-seed Seed Series A
- **Sectors:** Cryptocurrency / Blockchain E-Commerce FinTech
- **Based in:** SAN FRANCISCO, United States
- **Cold pitches:** Not stated

## The record

Every round we can evidence, newest first **149 appearances**

- **2026** 12 rounds
- **Sept** **[USD.AI](https://millionrounds.com/company/usd-ai)** Debt · KY **$40M** With 3 others
- **Sept** **[Velocity](https://millionrounds.com/company/velocity)** Series A · US **$10M** With 5 others
- **Aug** **[Velocity](https://millionrounds.com/company/velocity)** Series A · GB · Ventureburn **$38M** *Led*
- **Jul** **[Gauntlet](https://millionrounds.com/company/gauntlet)** Series C · US · AlleyWatch **$125M** With 6 others
- **Jul** **[Venice AI](https://millionrounds.com/company/venice-ai)** Series A · US · TechCrunch **$65M** *Led*
- **May** **[Variational](https://millionrounds.com/company/variational)** Series A · Ventureburn **$50M** *Led*
- **Mar** **[Megapot](https://millionrounds.com/company/megapot)** Pre-seed · BZ **$5.0M** With 1 other
- **Feb** **[Avalanche Energy](https://millionrounds.com/company/avalanche-energy)** Venture · US · Ventureburn **$29M** With 10 others
- **Feb** **[Rhythmic](https://millionrounds.com/company/rhythmic)** Seed · US **$4.0M** With 1 other
- **Jan** **[Mesh](https://millionrounds.com/company/mesh)** Series C · US · Ventureburn **$75M** *Led*
- **Jan** **[VelaFi](https://millionrounds.com/company/velafi)** Series B · LatamList **$20M** With 7 others
- **Jan** **[Rain](https://millionrounds.com/company/rain)** Series C · US · Harlem Capital **$250M** With 9 others
- **2025** 26 rounds
- **Dec** **[LI.FI](https://millionrounds.com/company/li-fi)** Series A · DE · Ventureburn **$29M** With 4 others
- **Dec** **[ConsenSys](https://millionrounds.com/company/consensys)** Venture · US **Undisclosed** With 5 others
- **Nov** **[Permian Labs](https://millionrounds.com/company/permian-labs)** Venture · US **Undisclosed** With 3 others
- **Nov** **[Commonware](https://millionrounds.com/company/commonware)** Venture · US **$25M** With 1 other
- **Nov** **[Hello Trade](https://millionrounds.com/company/hello-trade)** Seed **$4.6M** With 1 other
- **Oct** **[ZAR](https://millionrounds.com/company/zar)** Seed · PK · Ventureburn **$13M** With 6 others
- **Oct** **[Polymarket](https://millionrounds.com/company/polymarket)** Growth · US · Crunchbase News **$2.0B** With 5 others
- **Oct** **[MegaETH](https://millionrounds.com/company/megaeth)** Token sale · US **$50M** With 2 others
- **Sept** **[StablecoinX](https://millionrounds.com/company/stablecoinx)** US · Ventureburn **$530M** With 9 others
- **Sept** **[Inversion Capital](https://millionrounds.com/company/inversion-capital)** Seed · US · Ventureburn **$27M** *Led*
- **Sept** **[Rain](https://millionrounds.com/company/rain)** Series B · US · TechStartups **$58M** With 6 others
- **Aug** **[Kaito](https://millionrounds.com/company/kaito)** Venture · US **Undisclosed** With 3 others
- **Jul** **[MyPrize](https://millionrounds.com/company/myprize)** Venture · US **$21M** With 2 others
- **Jul** **[Agora](https://millionrounds.com/company/agora)** Series A · US **$50M** With 7 others
- **Jul** **[RD Technologies](https://millionrounds.com/company/rd-technologies)** Series A · HK **$40M** With 2 others
- **Jul** **[Rhea Finance](https://millionrounds.com/company/rhea-finance)** Seed · GB **$4.5M** With 1 other
- **Jun** **[OneKey Customer Service](https://millionrounds.com/company/onekey-customer-service)** Venture · HK **Undisclosed** With 4 others
- **Jun** **[Variational](https://millionrounds.com/company/variational)** Venture · KY **$1.5M** With 5 others
- **Mar** **[Hibachi](https://millionrounds.com/company/hibachi)** Seed · US **$5.0M** With 1 other
- **Mar** **[Axelar Network](https://millionrounds.com/company/axelar-network)** Token sale · CA **$30M** With 4 others
- **Mar** **[Level](https://millionrounds.com/company/level)** Seed · US **$2.6M** With 4 others
- **Mar** **[Slingshot DAO](https://millionrounds.com/company/slingshot-dao)** Venture · GB **$16M** With 3 others
- **Mar** **[Yeet](https://millionrounds.com/company/yeet)** Seed · VE **$7.8M** Sole investor
- **Mar** **[Conduit](https://millionrounds.com/company/conduit)** Series A · US **$30M** With 4 others
- **Feb** **[Codex](https://millionrounds.com/company/codex)** Seed · US **$16M** With 2 others
- **Jan** **[Avalanche](https://millionrounds.com/company/avalanche)** Venture · US **$20M** With 1 other
- **2024** 17 rounds
- **Dec** **[usdx.money](https://millionrounds.com/company/usdx-money)** Seed · HK · TechStartups **$45M** With 4 others
- **Sept** **[Andrena](https://millionrounds.com/company/andrena)** Venture · US **Undisclosed** With 7 others

An announcement gives the size of the round, not the size of this investor's cheque: the only rounds that imply a cheque are those where they were the sole named investor.

## The team

Named by the firm itself, on a filing, its Form ADV or its company registration **1 named**

SH **Scott Hershorin** Chief Compliance Officer / Vp of Operations i Form ADV

We also hold **14** people at this firm from the lists this database was built from: a weaker source than the filings, since a list does not say when a title ended. Login to see them.

## What the register says

From the firm's own filings with the SEC, which it must file accurately by law

**$3.4B** assets it manages Oct 2026

**5+** funds on file numbered funds in its name

**Registered** investment adviser full reporting to the SEC

- **Legal name:** Dragonfly Digital Management, LLC
- **SEC number:** CRD 300750

Funds on its Form ADV

**6** private funds, **$2.5B** in gross assets · filed Mar 2024

Hedge **3** Venture **2** Other **1**

- Dragonfly Ventures III, L.P. *Venture* 153 investors $743M
- Dragonfly Ventures L.P. *Other* 44 investors $616M
- Dragonfly Ventures II, L.P. *Venture* 77 investors $452M
- META Stable Edge, L.P. *Hedge* 115 investors $437M
- META Stable Balanced, L.P. *Hedge* 96 investors $200M
- Thefutureisnear L.P. *Hedge* 9 investors $21M

## What they claim to have backed

From their own portfolio page (on their website)

**0** of 6 we have independently watched raise

2024/2025 Crypto Compensation Dragonfly’s Dragonfly’s State of Press Kit Stablecoin Payments from The Agentic Economy

Weaker than a round we watched, stronger than a list somebody sold us. A firm is far less willing to put a company on its own site that it never funded.

## The cheque

Pre-seed Seed Series A

Median round joined **$10M** the round, not its cheque Alone, median **$11M**

Led 5 of 149 rounds **3%**

- **Said size:** $3.0M – $30M
- **Sole investor:** 5 rounds
- **Last cheque:** Sept 2026

Rounds by stage said on their site

- Seed said *60*
- Venture *41*
- Series A said *23*
- Token sale *7*
- Series B *6*
- Series C *6*
- Pre-seed said *-*

Cheques by month Led Joined

Nov 2023 Oct 2026

Often in the room with

- [Coinbase Ventures](https://millionrounds.com/fund/coinbase) 34
- [Paradigm](https://millionrounds.com/fund/paradigm) 15
- [Robot Ventures](https://millionrounds.com/fund/robot-ventures) 12
- [Andreessen Horowitz](https://millionrounds.com/fund/andreessen-horowitz) 10
- [Pantera Capital](https://millionrounds.com/fund/pantera-capital) 10
- [Y Combinator](https://millionrounds.com/fund/y-combinator) 10

**Pitching Dragonfly Capital Partners?** Put them on your fundraising board with this record on the card, and follow them to hear when they write a new cheque.

Add to your CRM *→*

## Who they invest alongside

The investors most often in the same rounds as Dragonfly Capital Partners. A count of rooms they were both in, not a relationship either has claimed.

[**Coinbase Ventures** Corporate VC **34** rounds together](https://millionrounds.com/fund/coinbase)[**Paradigm** VC firm **15** rounds together](https://millionrounds.com/fund/paradigm)[**Robot Ventures** VC firm **12** rounds together](https://millionrounds.com/fund/robot-ventures)[**Andreessen Horowitz** VC firm **10** rounds together](https://millionrounds.com/fund/andreessen-horowitz)[**Pantera Capital** VC firm **10** rounds together](https://millionrounds.com/fund/pantera-capital)[**Y Combinator** Accelerator **10** rounds together](https://millionrounds.com/fund/y-combinator)[**Animoca Brands** Accelerator **8** rounds together](https://millionrounds.com/fund/animoca-brands)[**Electric Capital** VC firm **8** rounds together](https://millionrounds.com/fund/electric-capital)[**Hack VC** VC firm **8** rounds together](https://millionrounds.com/fund/hack-vc)[**Lightspeed Venture Partners** VC firm **8** rounds together](https://millionrounds.com/fund/lightspeed-venture-partners)[**ParaFi Capital** VC firm **8** rounds together](https://millionrounds.com/fund/parafi)[**CMT Digital** VC firm **7** rounds together](https://millionrounds.com/fund/cmt-digital)

## Recently backed

The latest companies Dragonfly Capital Partners put money into.

[**USD.AI** $40M · Sept 2026](https://millionrounds.com/company/usd-ai)[**Velocity** $10M · Sept 2026](https://millionrounds.com/company/velocity)[**Gauntlet** $125M · Jul 2026](https://millionrounds.com/company/gauntlet)[**Variational** $50M · May 2026](https://millionrounds.com/company/variational)[**Megapot** $5.0M · Mar 2026](https://millionrounds.com/company/megapot)[**Rhythmic** $4.0M · Feb 2026](https://millionrounds.com/company/rhythmic)

## Quick answers about Dragonfly Capital Partners

### What does Dragonfly Capital Partners invest in?

Dragonfly Capital Partners invests most often at Seed and Venture (71% of the rounds on record), in sectors such as Cryptocurrency / Blockchain, E-Commerce and FinTech.

### How active is Dragonfly Capital Partners?

149 investments on record, 18 of them in the last 12 months, and it led 5. The most recent was in Sept 2026.

### What has Dragonfly Capital Partners invested in recently?

Its most recent investments on record: USD.AI (Debt, Sept 2026), Velocity (Series A, Sept 2026) and Gauntlet (Series C, Jul 2026).

### How big are Dragonfly Capital Partners's cheques?

The median round it joins is $10M. It says it writes cheques of $3.0M to $30M.

### Does Dragonfly Capital Partners lead rounds?

Sometimes: it led 5 of its 149 investments on record (3%).

### Where does Dragonfly Capital Partners invest?

Most of the companies it backs are in the United States (65%), the United Kingdom (8%) and Hong Kong SAR China (8%).

### Is Dragonfly Capital Partners investing now?

Yes: it is actively investing, with 18 investments in the last 12 months.

### Who does Dragonfly Capital Partners invest alongside?

Most often Coinbase Ventures (34 rounds together), Paradigm (15 rounds together) and Robot Ventures (12 rounds together).

## Raising now?

Find the investors who back rounds like yours, and keep every conversation on one fundraising board.

Find similar investorsOpen your CRM

Built from the rounds we watched, its filings and its own website, refreshed every night. [How we count](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections?slug=dragonfly-capital-partners) · [Is this your firm? Claim it](https://millionrounds.com/claim?org=dragonfly-capital-partners)