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Raises
Dragonfly Capital
Total Investments147
DeFi39
Infrastructure19
NFT9
Payments6
L15
Analytics5
Gaming5
L24
Betting3
CeFi3
Trading3
Web32
Centralized Exchange2
Social Platform2
AI1
Taxes1
Stablecoin Infrastructure1
Storage1
RWA1
Real Estate1
Wallet1
DePIN1
Scaling Solution1
| Name | Round | Category | Description | Lead Investor | Chains | Other Investors | |||
|---|---|---|---|---|---|---|---|---|---|
| Variational | 20 May 2026 | $50m | Series A | Trading | Variational is a protocol that provides infrastructure for peer-to-peer trading, clearing, and settlement of perpetuals and generalized derivatives. The Variational Protocol enables safe and efficient bilateral trading of options, futures, perpetuals, exotics, and more. Multiple apps have been built on the Variational Protocol, including Omni for perpetuals trading and Pro for institutions to trade customizable OTC derivatives | Dragonfly Capital | Coinbase Ventures, Bain Capital Crypto | ||
| Megapot | 26 Mar 2026 | $5m | Pre-Seed | Betting | Megapot is a decentralized lottery platform on Base where users participate in jackpot raffles and liquidity providers act as the house, earning yield. It operates with transparent on-chain mechanics and distributes prizes without taking fees from the pool | Dragonfly Capital | Coinbase Ventures, Bankless Ventures | ||
| Rhythmic | 19 Feb 2026 | $4m | Seed | Infrastructure | Rhythmic is a fintech infrastructure platform that enables companies to embed accounts, cards, and rewards into their products, using stablecoins as the settlement layer for instant, programmable global payments | Dragonfly Capital | Mirana Ventures, The Fintech Fund, the Venture Dept, Gammite Ventures | ||
| Mesh | 27 Jan 2026 | $75m | Series C | Payments | Mesh is a global crypto payments network that connects exchanges, wallets, and financial platforms to enable any-to-any digital asset payments. Using its SmartFunding technology, users can pay with any crypto while merchants receive instant settlement in stablecoins or fiat, unifying fragmented crypto infrastructure into a single payments layer | Dragonfly Capital | $1b | Paradigm, Coinbase Ventures, Moderne Ventures, SBI Investment, Liberty City Ventures | |
| Rain | 09 Jan 2026 | $250m | Series C | Payments | Rain is a blockchain-based card issuing and stablecoin payments platform for Web3 teams and DAOs. It enables the issuance of customizable payment cards for managing digital asset spending and expenses | Iconiq Capital | $1.95b | Sapphire Ventures, Dragonfly Capital, Bessemer Ventures, Galaxy Digital, FirstMark Capital, Lightspeed Faction, Norwest Venture Partners, Endeavor Catalyst | |
| HelloTrade | 20 Nov 2025 | $4.6m | Seed | Trading | HelloTrade is a blockchain-based trading app built on MegaETH that allows users to trade leveraged positions (up to 10×) on stocks, ETFs, commodities, and cryptocurrencies 24/7 through a mobile/web interface, without requiring a traditional brokerage account or wallet-gas setup | Dragonfly Capital | Mirana Ventures | ||
| ZAR | 28 Oct 2025 | $12.9m | Wallet | ZAR is a digital wallet that lets users convert cash into digital dollars, bridging cash-based economies with Web3. Through the app, users can exchange cash with local merchants, access virtual and physical debit cards, and make global transactions securely while protecting against local currency volatility | a16z crypto | Dragonfly Capital, VanEck, Coinbase Ventures, Endeavor Catalyst | |||
| Polymarket | 07 Oct 2025 | $150m | Betting | Polymarket is an information markets platform that lets you trade on the world’s most highly-debated topics (e.g. coronavirus, politics, current events, etc). On Polymarket, you build a portfolio based on your forecasts and earn a return if you are right. | Founders Fund | $1.2b | Ribbit Capital, Valor Capital Group, Point72 Ventures, SV Angel, 1789, 1Confirmation, Blockchain Capital, Coinbase Ventures, Dragonfly Capital | ||
| Inversion Capital | 08 Sep 2025 | $26.5m | Seed | RWA | Inversion is a crypto-native private equity firm that acquires traditional companies to integrate blockchain infrastructure, and is building a bespoke Avalanche-based Layer‑1 chain to support on-chain operational transformation | Dragonfly Capital | VanEck, Lightspeed Faction, ParaFi Capital, Portal Ventures, Mirana Ventures, Volt Capital, Metalayer Ventures, HashKey Capital, Race Capital, Wintermute Ventures, Moonrock Capital, Breed VC, Topology, Balaji Srinivasan, Bodhi Ventures, Lvna Capital, Escape Velocity, Folius Ventures, Comfy Capital, DCF God, Mike Dudas, Bryan Pellegrino, Jason Yanowitz | ||
| Rain | 28 Aug 2025 | $58m | Series B | Stablecoin Infrastructure | Rain is a fintech platform providing compliant infrastructure for stablecoin-based payments, enabling enterprises and developers to instantly move, store, and spend digital assets via global cards, on/offramps, wallets, and cross-border rails | Sapphire Ventures | Dragonfly Capital, Galaxy Digital, Samsung Next, Lightspeed Faction, Norwest Venture Partners, Endeavor Catalyst | ||
| USD.AI | 14 Aug 2025 | $13.4m | Series A | DeFi | USD.AI is a GPU-collateralized stablecoin lending protocol tailored for AI startups | Framework Ventures | Dragonfly Capital, Arbitrum Foundation, Flowdesk, CMT Digital, Big Brain Holdings, hermeneutic | ||
| Conduit Pay | 28 May 2025 | $36m | Series A | Payments | Conduit is a cross-border payments platform designed for businesses | Dragonfly Capital, Altos Ventures | Sound Ventures, Commerce Ventures, Circle Ventures, DCG, Portage Ventures | ||
| Perpl | 13 May 2025 | $9.25m | DeFi | a decentralized perpetual futures exchange | Dragonfly Capital, Ergonia | Brevan Howard, Mirana Ventures, L1 Digital, HashKey Capital, Breed VC, CMS Holdings | |||
| ZAR | 30 Apr 2025 | $7m | Seed | Payments | a platform that leverages mobile money agent networks to facilitate cash-to-stablecoin conversions for users in emerging markets, integrating with web3 apps via an SDK for onramp/offramp functionality | a16z crypto, VanEck, Dragonfly Capital | Coinbase Ventures | ||
| Codex | 04 Apr 2025 | $15.8m | Seed | L1 | a startup that’s building its own blockchain designed specifically for stablecoins, | Dragonfly Capital | Selini Capital, Coinbase Ventures, Wintermute Ventures, Circle Ventures, Cumberland DRW | ||
| Hibachi | 19 Mar 2025 | $5m | Seed | DeFi | Hibachi is a decentralized trading protocol designed for professional traders | Dragonfly Capital, Echo, Electric Capital | |||
| Yeet | 18 Mar 2025 | $7.75m | Seed | Gaming | Yeet is a crypto-native online casino and sportsbook that blends traditional gaming with Web3 culture | Dragonfly Capital | Primitive Ventures, Mirana Ventures, Comfy Capital, LambdaClass | ||
| Level | 18 Mar 2025 | $2.6m | Strategic | DeFi | Level is a stablecoin protocol powered by restaked dollar tokens like USDT and USDC | Dragonfly Capital | Polychain Capital, Flowdesk, Blockchain Founders Capital | ||
| SlingShot DAO | 16 Mar 2025 | $16m | Social Platform | SlingShot DAO is a community-driven platform where members collaborate to transform ideas into gaming experiences through the SlingShot app | Dragonfly Capital, DCG, Animoca Brands, Sfermion, Standard Crypto, Alphabit Capital , Sanctor Capital, Web3Auth, Story Protocol, GAM3S.GG | ||||
| August | 07 Mar 2025 | $10m | Series A | DeFi | a blockchain and Web3 infrastructure company focused on bridging DeFi and traditional centralized finance for institutional clients | Dragonfly Capital | SCB Limited, 6th Man Ventures, Foresight Ventures | ||
| DoubleZero | 06 Mar 2025 | $28m | DePIN | Multicoin Capital, Dragonfly Capital | $400m | Anagram, Rubik Ventures, DBA, Reciprocal Ventures, Foundation Capital, Borderless Capital, Frictionless Capital, MH Ventures, Standard Crypto, Crucible Captial, Delphi Digital, Wintermute Ventures, GSR, RockawayX, Paper Ventures | |||
| Ethena Labs | 24 Feb 2025 | $100m | Private | DeFi | Ethena is a synthetic dollar protocol built on Ethereum | Franklin Templeton Investments, Pantera Capital, Polychain Capital, Dragonfly Capital, STIX, F-Prime Capital | |||
| fantasy.top | 13 Dec 2024 | $4.25m | Seed | Social Platform | trading card game based on twitter | Dragonfly Capital, Manifold |