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Dragonfly Capital portfolio: 54 companies, 202 co-backers

By NAUT Research · · 11 min read

54 Dragonfly portfolio portfolio companies tracked on NAUT, from October 2018 to July 2026. Logos: NEAR Protocol, Polygon, ZkSync, bloXroute, Axelar, Polymarket, Velocity, Slingshot DAO, Nexus, DeBank, Monad, Ethena.

NAUT tracks 54 companies in the Dragonfly portfolio, across 66 funding rounds, and records 202 other firms as backers somewhere in those rounds. The 46 dated rounds in this Dragonfly Capital portfolio run from October 2018 to July 2026, the 62 rounds whose amount survived a source check add up to $1.86B, and ZkSync is the most backed company in the set at 4 rounds.

Data note. Counted on 27 October 2026 from NAUT's own database: the company rows tied to the investment rows where NAUT records this fund as a backer. The fund rebranded from Dragonfly Capital to Dragonfly, and NAUT holds it under 2 rows: /projects/dragonfly, which carries all 66 backer rows and is the row linked throughout this page, and a second row under the former name that carries 0 backer rows. This page counts the first row only, and the 2 rows are left as they are. The fund's own row stores 66 investments, $2.23B deployed and an average round of $35.5M; the rounds listed here add to $2.27B as stored, because the stored total was computed at a different time.

18 of the 66 rounds went to a source check against company announcements and named press reports, the largest ones first. 11 cleared it, 2 did not and their amounts are set aside, and 5 came back clear from a single page the checker could not read back, so they stay as stored with no quote on this page. The 2 set aside are $400.0M stored against Secret Network and $15.0M stored against RSS3, which is why the checked total of $1.86B sits below the $2.27B of stored amounts. Both rows stay visible in the tables below, labelled, because hiding a row is how a wrong number survives.

2 of the 66 rounds disclose no amount and 20 carry no announcement date, so the 46 dated rounds define the window above and a date is shown only where NAUT holds one. Round types are free text in these rows, so they are shown as stored. Written by NAUT Research.

What is in the Dragonfly Capital portfolio on NAUT?

Each company carries the sector tags NAUT holds for it, and 23 companies carry more than 1, so a company appears in every tag group it is tagged with and the company column below adds to more than 54. Cos is companies, rounds priced counts the rounds in that group that disclose an amount, and the average is the mean size of those rounds.

Sector tag Cos Rounds priced Avg round
DeFi 18 22 $30.4M
Layer 1, 2 and 3 11 16 $78.0M
Infrastructure 9 12 $125.1M
DEXs 8 9 $6.9M
No sector tag 7 7 $15.9M
AI 6 7 $133.8M
Privacy 4 9 $131.7M
Tools 4 4 $12.3M
Stablecoins 3 4 $18.0M
CEXs 3 3 $6.4M
Payment 2 2 $29.0M
DePIN 2 2 $4.1M
Gaming 2 2 $6.9M
Money market 2 1 $6.0M

10 more tags hold 1 company each: prop fund, RWA, DeFAI, launchpad, mining, wallet, intelligence, GambleFi, prediction market and security.

The spread across tags is the useful part for a founder sizing a pitch. An infrastructure round in this set averages $125.1M and an AI round $133.8M, against $30.4M in DeFi and $6.9M across decentralized exchanges, so the same fund sits in rounds 18 times apart depending on what the company builds. 2 caveats: these averages are computed over every amount NAUT stores, including the 2 rounds the source check set aside, which lift the AI, infrastructure, Layer 1, 2 and 3 and privacy groups; and the set reaches back to 2018, so a group with 2 big rounds from 2022 reads as history rather than as the fund's position today.

Dragonfly Capital portfolio companies by sector

Every company below links to its NAUT page, which lists its team, its rounds and the other funds on its cap table. The Dragonfly Capital investments are grouped by sector tag, and here each company sits in exactly 1 group, the first sector tag NAUT holds for it, so the groups add to 54. Disclosed totals add every round in this set whose amount survived the source check, so a company backed twice shows the sum of both.

DeFi (11 companies)

Company Rounds Disclosed Latest round
1 $45.0M No date stored
2 $20.5M Strategic, Feb 2024
2 $14.8M No date stored
2 $11.6M Strategic, May 2022
1 $6.0M Private, Apr 2021
1 $6.0M Treasury Diversification, May 2021
1 $4.8M Strategic, Feb 2022
1 $4.0M Seed, Jan 2022
1 $3.9M Seed, Mar 2022
1 $3.0M Funding, Jun 2020
1 $2.0M Funding, Mar 2021

Layer 1, 2 and 3 (7 companies)

Company Rounds Disclosed Latest round
4 $258.0M Series C, Nov 2022
2 $27.2M No date stored
1 $20.0M No date stored
1 $19.0M Seed, Feb 2023
1 $3.0M Funding, Sep 2021
1 $3.0M Seed, Sep 2020
1 $3.0M Seed, Apr 2020

No sector tag (7 companies)

These rows carry no sector tag in NAUT yet, so no group claims them and a sector filter never surfaces them.

Company Rounds Disclosed Latest round
1 $70.0M Series B, Apr 2022
1 $15.8M No date stored
1 $8.0M Private, May 2022
2 $7.2M No date stored
1 $5.0M Private, Apr 2022
1 $5.0M Funding, Mar 2022
1 $0.5M Seed, Oct 2020

Decentralized exchanges (7 companies)

Company Rounds Disclosed Latest round
1 $10.3M No date stored
1 $10.0M Series A, Oct 2018
1 $9.3M No date stored
1 $5.5M No date stored
1 $5.0M No date stored
1 $4.5M Strategic, Apr 2022
1 $2.8M Seed, Aug 2020

AI (5 companies)

Company Rounds Disclosed Latest round
2 $500.0M Funding, Apr 2022
1 $11.0M Pre-Series A, Mar 2024
1 $5.3M Seed, Feb 2023
1 - Funding, Feb 2022 (the $400.0M stored here is set aside: no source outside an aggregator puts this fund in the round)
1 - Private, Dec 2021 (the $15.0M stored here is set aside: no source found states that amount)

NEAR Protocol carries 5 sector tags and AI is the first of them, which is why the largest pair of rounds in the set sits in this group rather than under base layers.

Infrastructure (4 companies)

Company Rounds Disclosed Latest round
1 $450.0M Funding, Feb 2022
2 $60.0M Series B, Feb 2022
2 $24.0M Series A, Jul 2024
1 $12.0M Private, Oct 2021

Tools (4 companies)

Company Rounds Disclosed Latest round
1 $25.0M No date stored
1 $16.4M No date stored
1 $4.6M No date stored
1 $3.2M Seed, May 2021

Stablecoins (2 companies)

Company Rounds Disclosed Latest round
1 $38.0M Series A, Jul 2026
1 $13.4M No date stored

Gaming (2 companies)

Company Rounds Disclosed Latest round
1 $7.0M Funding, Apr 2022
1 $6.8M Seed, Oct 2021

Other sectors (5 companies)

The groups with 1 company each: a prop fund, a payment chain, an exchange, a DePIN network and a money market.

Company Rounds Disclosed Latest round
2 $32.0M Funding, Mar 2025
1 $20.0M No date stored
1 $10.0M Funding, Apr 2023
1 $5.2M Seed and Strategic Rounds, Jun 2024
1 - No date stored

How big is a round in the Dragonfly Capital portfolio?

The rounds in this set run from $0.5M, the seed CoFiX raised in October 2020, to $450.0M, the round Polygon announced in February 2022. Across the 64 stored amounts the mean round is $35.5M and the median $8.8M, so the typical cheque in a round this fund joins is roughly a quarter of the average. Across the 62 amounts that survived the source check the mean is $30.0M.

Disclosed total per company, the 10 largest in the set
  1. NEAR Protocol$500.0M
  2. Polygon$450.0M
  3. ZkSync$258.0M
  4. bloXroute$70.0M
  5. Axelar$60.0M
  6. Polymarket$45.0M
  7. Velocity$38.0M
  8. Slingshot DAO$32.0M
  9. Nexus$27.2M
  10. DeBank$25.0M

The chart adds every surviving round per company, so ZkSync shows all 4 of its rounds and NEAR Protocol both of its 2. 4 rounds sit in no bar: 2 disclose no amount and 2 were set aside by the source check.

What the source check confirmed

These 11 rounds cleared the check against a company announcement or a named press report. Each line below says what the source states.

Company Round Amount Source says
Funding, Feb 2022 $450.0M TechCrunch reports $450.0M raised in a new venture financing round
Funding, Jan 2022 $150.0M CoinDesk reports the Near Foundation closed a $150.0M round
Series B, Apr 2022 $70.0M CoinDesk names and among the investors
Series B, Nov 2021 $50.0M CoinDesk names Placeholder, and among the investors
Series A, Jul 2026 $38.0M Fortune: " and Firstmark led 's Series A round"
Series B, Feb 2022 $35.0M CoinDesk reports on 15 Feb 2022 that a $35.0M Series B closed at a $1.0B valuation
Series A, Jul 2021 $25.0M CoinDesk reports $25.0M raised in a Series A funding round
Seed, Feb 2023 $19.0M TechCrunch reports $19.0M in seed funding led by Capital
Funding, Mar 2025 $16.0M PANews reports the team completed $16.0M in financing
Strategic, Feb 2024 $14.0M The Block reports a $14.0M round for Labs
Private, Oct 2021 $12.0M Labs reports $12.0M in its first funding round

Which companies did Dragonfly back more than once?

10 of the 54 companies appear in more than 1 round, and 44 appear in exactly 1. ZkSync is the only company on 4, and its Series B of November 2021 and Series C of November 2022 are both in NAUT with the fund named. The other 9 sit on 2 rounds each.

Company Rounds Disclosed
4 $258.0M
2 $500.0M
2 $60.0M
2 $32.0M
2 $27.2M
2 $24.0M
2 $20.5M
2 $14.8M
2 $11.6M
2 $7.2M

A second cheque is the warmest signal on this page for a BD team. Each of these 10 pages lists the people on both sides of the round.

Who invests alongside Dragonfly?

NAUT records 202 other firms as backers somewhere in these 66 rounds. Coinbase Ventures is the most frequent at 12 shared rounds, ahead of Shima Capital at 7.

Firm Rounds shared
12
7
6
6
6
6
5
5
5
5
Rounds shared with Dragonfly, the 10 firms that appear most often
  1. Coinbase Ventures12
  2. Shima Capital7
  3. Mirana Ventures6
  4. Sequoia Capital6
  5. 1kx6
  6. ParaFi Capital6
  7. Sfermion5
  8. Alameda Research5
  9. OKX Ventures5
  10. Placeholder Ventures5

The set reaches back to 2018, so it holds firms that no longer operate as they did. Alameda Research sits on that list with 5 shared rounds and wound down with FTX in November 2022.

What this portfolio tells a BD team

  • The median round is $8.8M, against a $35.5M mean. Half of these rounds are $8.8M or smaller, so a pitch sized to the headline average aims at the wrong kind of company.
  • 10 teams took a second cheque from this fund. Those relationships are the shortest path into the firm, and each company page names the people on both sides.
  • 202 co-investor firms are a second rolodex. An introduction through Coinbase Ventures, ParaFi Capital or 1kx reaches the same table.
  • 7 companies carry no sector tag. A sector filter never returns them, so work from the list above rather than from a tag search.

Any crypto VC portfolio list ages from the day it is published, so this page carries the date it was counted and links the row behind every number.

How a BD team can work this list
  1. Pick the group you sell intoDeFi holds 11 of the 54 companies, base layers 7 and decentralized exchanges 7, so start with 1 group and work it top down.
  2. Size the pitch to $8.8MHalf the rounds here are $8.8M or smaller, so aim at a team that raised that, not at the $450.0M Polygon round.
  3. Go in through a repeat backingZkSync at 4 rounds and 9 more companies at 2 are the warmest names in the set.
  4. Find the person on the NAUT pageEvery company above links to its page, which lists its team and the ways NAUT has verified to reach them.

What this portfolio tells a founder raising

  • The sector you are in sets the round size. An infrastructure round in this set averages $125.1M and a DeFi round $30.4M, so check the group you sit in before you name a number.
  • This fund does lead. Fortune reports it led Velocity's $38.0M Series A with Firstmark, and TechCrunch reports it led Monad's $19.0M seed.
  • Its recent dated cheques are payments and stablecoins. The most recent dated round in the set is Velocity's Series A of July 2026, a stablecoin treasury and settlement company.
  • The co-investors tell you who else to call. The 10 firms above share 5 or more rounds with this fund, so a round it joins usually has 1 of them beside it.
How a founder can use this page
  1. Read the group averageInfrastructure rounds here average $125.1M and DeFi $30.4M, so anchor your ask to your own group.
  2. Find the closest comparableWork the sector table above to the 2 or 3 companies that look most like yours, then open their NAUT pages.
  3. Map the co-investorsCoinbase Ventures at 12 shared rounds and Shima Capital at 7 are the funds most likely to be beside this one.
  4. Ask through a portfolio founderA warm line from 1 of the 54 companies above beats a cold note, and each page names who to ask.

How to reach the decision makers

Every company and firm on this page links to its NAUT page, which holds the team, the verified contact routes and the rest of the cap table. The fund page at Dragonfly is the place to start: it carries all 66 investment rows this page is built from, so a round that lands after 27 October 2026 shows up there before it shows up here. 1 caveat on titles: the people rows on a company page carry the title stored when the row was created, so read each one as a starting point and check the person's own page.

Can you pull this data through the NAUT API?

Yes. Every company and round in this article is in NAUT's developer API as JSON, the same records the pages show. GET https://api.naut.so/v1/projects/dragonfly returns that firm with its team and the funding activity NAUT holds for it, for 5 credits a call. A key with no credits gets clearly marked sample data, so you can build against it first. Plans start at $49 a month for 3,000 credits (pricing), and the API docs list every endpoint. Verified Telegram, email and LinkedIn for the people on NAUT unlock on any paid plan: start a 7-day trial.

Dragonfly Capital portfolio FAQ

How many companies are in the Dragonfly Capital portfolio?

NAUT tracks 54 companies backed by Dragonfly as of 27 October 2026, across 66 funding rounds whose dated ones run from October 2018 to July 2026. The fund publishes no portfolio count of its own, so read this as NAUT's coverage of the fund rather than its full history.

What companies has Dragonfly Capital invested in?

The largest rounds in NAUT's set went to NEAR Protocol at $500.0M across 2 rounds, Polygon at $450.0M, ZkSync at $258.0M across 4 rounds, bloXroute at $70.0M and Axelar at $60.0M across 2. By count the portfolio leans on DeFi (18 companies tagged), base layers (11), infrastructure (9) and decentralized exchanges (8).

How much does Dragonfly Capital invest in a round?

Across the 64 rounds in NAUT's set that disclose a size, the median round is $8.8M and the mean $35.5M, measured from October 2018 to July 2026. Those are the sizes of the whole round, not this fund's own cheque, which is rarely disclosed.

Which funds invest alongside Dragonfly Capital?

NAUT records 202 other firms in these 66 rounds. The most frequent are Coinbase Ventures at 12 shared rounds, Shima Capital at 7, then Mirana Ventures, Sequoia Capital, 1kx and ParaFi Capital at 6 each.

Does Dragonfly Capital lead rounds?

Yes. Fortune reports that Dragonfly and Firstmark led Velocity's $38.0M Series A in July 2026, and TechCrunch reports it led Monad's $19.0M seed in February 2023. NAUT's own lead flag is set on only 1 of the 66 backer rows here, Velocity's, so the flag is a gap in the data on the other 65 rather than a statement about the fund.

Why does NAUT hold 2 rows for this fund?

The firm rebranded from Dragonfly Capital to Dragonfly, and NAUT kept a row under each name. All 66 backer rows and every number on this page sit on /projects/dragonfly; the older row carries 0 rounds, no X handle and no domain, and the 2 rows are left unmerged.

Sources

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