San Francisco–based Dragonfly Capital has announced that it has launched its third fund with $650 million in capital. Tiger Global, KKR, Sequoia China, Ivy League endowments, Invesco, and Top Tier Capital Partners were among the limited partners who joined the new fund.

The firm has backed projects such as Avalanche, Near, Bybit, Matter Labs, Anchorage, Amber, Frax, Cosmos, Dune Analytics, MakerDAO, and Compound.

Dragonfly Capital plans to invest in Web3 companies at every stage of their development—from seed stage through Series B.

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