Dragonfly Capital Partners

ActiveVenture Capital

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Updated: Jan 22, 2026 ·

Financial History

Total Raised

N/A

Valuation

N/A

Investments Made

Date	Company	Round	Lead Investor(s)	Co-Investor(s)
Nov 1, 2025	Liquid	$8.0M Seed	—	Eric Wu
Oct 1, 2025	Base Power	$1.0B Series C	—	8090 Industries, 8VC, Addition, Afore Capital, Altimeter Capital, Andreessen Horowitz, Contrary Capital, CRV, DST Global, Felicis Ventures, Founders Fund, J2 Ventures, Kleiner Perkins, Kohala Ventures, Lux Capital, M12, Marlinspike, NFX, Open AI Startup Fund, Ravelin Capital, Sequoia Capital, Thrive Capital, Trust Ventures, Verified Capital, Village Global, XYZ Venture Capital, Elad Gil, Eric Futoran, Larry Braitman, Lawrence Braitman, Ron Pragides
Sep 1, 2025	Epoch Protocol	$1.0M Seed	—	Blockchain.com Ventures, Polygon, SID Venture Partners, Spencer Noon, Aleksander Leonard Larsen, Balaji Srinivasan, Nick van Eck, Sebastien Borget
Aug 1, 2025	Vigil Labs	$6.0M Seed	—	Kevin Hartz, A* Capital (A Star Capital), Alt Capital, Browder Capital, Founders Fund, FTX Ventures, Long Journey Ventures, Meritech Capital Partners, Mischief Venture Capital, Pantera Capital, Redpoint Ventures, Ribbit Capital, Saga, Summit Partners, TCV, The Hit Forge, Christina Cacioppo, Dharmesh Shah, Dylan Field, Fidji Simo, Immad Akhund, Jason Lemkin, Jonathan Neman, Joshua Reeves, Julian Shapiro, Justin Mateen, Max Mullen, Parker Conrad, Scott Belsky, Sean Rad, Siqi Chen
Aug 1, 2025	Hyperbeat	$5.0M Seed	—	Blockchain Capital, Blockchain Coinvestors AngelList Syndicate, Broadway Angels, Craig Shapiro, Daffy, Electric Capital, Founders Fund, General Catalyst, Khosla Ventures, Robot Ventures, Summit Partners, The Hit Forge, Carrie Schwab-Pomerantz, Charles Goldman, Eric Wu, Fidji Simo, Henry Kravis, Julie Zhuo, Stani Kulechov, Stanley Druckenmiller
Aug 1, 2025	Openmind	$20.0M Series A	—	Paradigm, ParaFi Capital, SID Venture Partners, TSVC Capital, Balaji Srinivasan
Jul 1, 2025	Bloom	$2.0M Seed	—	—
Jun 1, 2025	Zama	$57.0M Series B	—	Blockchange Ventures, Multicoin Capital, Pantera Capital, Polygon, Adam Jackson, Tom Blomfield
Jun 1, 2025	3Jane Protocol	$5.0M Seed	—	Jana Messerschmidt, ENIAC Ventures, Founders' Co-op, Khosla Ventures, KRM Interests LLC, Lightbank, Nyca Partners, Red Swan Ventures, Renegade Partners, Balaji Srinivasan, Louis Beryl
Apr 1, 2025	Miden	$25.0M Seed	—	Tom Blomfield
Apr 1, 2025	Fourier	$19.0M Series A	—	Blockchain Capital, Blockchain Coinvestors AngelList Syndicate, Broadway Angels, Craig Shapiro, Daffy, Electric Capital, Founders Fund, General Catalyst, Khosla Ventures, Robot Ventures, Summit Partners, The Hit Forge, Carrie Schwab-Pomerantz, Charles Goldman, Eric Wu, Fidji Simo, Henry Kravis, Julie Zhuo, Stani Kulechov, Stanley Druckenmiller
Apr 1, 2025	Youlify	$4.0M Seed	—	Blockchain.com Ventures, Bonfire Ventures, Polygon, SID Venture Partners, Spencer Noon, Aleksander Leonard Larsen, Balaji Srinivasan, Nick van Eck, Sebastien Borget
Apr 1, 2025	Roam	$12.0M Series A	—	Blockchain Capital, Blockchain Coinvestors AngelList Syndicate, Broadway Angels, Craig Shapiro, Daffy, Electric Capital, Jenny Fielding, Scott Hartley, Founders Fund, General Catalyst, Khosla Ventures, Lerer Hippeau, Pareto Holdings, Robot Ventures, Slow Ventures, Summit Partners, The Hit Forge, Carrie Schwab-Pomerantz, Charles Goldman, Eric Wu, Fidji Simo, Henry Kravis, Julie Zhuo, Stani Kulechov, Stanley Druckenmiller
Mar 1, 2025	Mesh	$82.0M Series B	—	Afore Capital, Anthemis Group, Artichoke Capital, CapitalX, Matt Ocko, Dreamers VC, Electric Capital, Elkstone, Greycroft, No Label Ventures, Paradigm, Rajan Anandan, Placeholder, RTP Global, Sequoia Capital, SNR, Streamlined Ventures, Taurus Ventures, The Hit Forge, Trajectory Ventures, Venture Highway, Village Global, Y Combinator, Ali Moiz, Alison Engel, Ameet Patel, Arash Ferdowsi, Gokul Rajaram, Immad Akhund, Mike Giampapa, Munish Varma, Sahin Boydas, Sumon Sadhu, Viral Bajaria
Mar 1, 2025	Chronicle Labs	$12.0M Seed	—	Blockchain.com Ventures, Polygon, SID Venture Partners, Spencer Noon, Aleksander Leonard Larsen, Balaji Srinivasan, Nick van Eck, Sebastien Borget, Vitalik Buterin
Jan 1, 2025	Little Umbrella	$2.0M Seed	—	20VC, Alumni Ventures, Andreessen Horowitz, Anti fund, Astir Ventures, Banana Capital, Bessemer Venture Partners, Breakpoint Capital, Buckley Ventures, Decasonic, Foundation Capital, Founders Fund, Innovation Endeavors, Insight Partners, Kepler Operator’s Fund, Khosla Ventures, Kleiner Perkins, Long Journey Ventures, Pareto Holdings, Sky9 Capital, The House Fund, The Venture Reality Fund, Jaan Tallinn, John Riccitiello, Josh Mohrer, Kunal Shah, Louis Beryl, Mark Pincus, Mike Abbott, Scott Banister, Shervin Pishevar
Jan 1, 2025	Helion Energy	$430.0M Series F	—	American Express Ventures, Buckley Ventures, Celesta, Electric Capital, Greylock, Griffin Gaming Partners, Helium-3 Ventures, Jude Gomila Rolling Fund, KAAN Ventures, Lightbank, Lightspeed Venture Partners, LombardStreet Ventures, Pantera Capital, Prime Movers Lab, Saga, Sony Innovation Fund, UpHonest Capital, Alexander Gerko, Louis Beryl, Matt Bellamy, Mattia Astori, Michael Moritz, Paul Graham, Sahin Boydas
Jan 1, 2025	Bluwhale	$25.0M Series A	—	SeaX Ventures, Charles Huang
Dec 1, 2024	Bluenote Health	$10.0M Venture Round	—	468 Capital, 7wire Ventures, Andreessen Horowitz, Artichoke Capital, Catalio Capital, Cherubic Ventures, Electric Capital, Lux Capital, Paradigm, Placeholder, Refactor Capital, Robot Ventures, Rocketship.vc, Sequoia Capital, Sherpalo Ventures, The Hit Forge, XFactor Ventures, Ameet Patel, Amjad Masad, Andy Coravos, Anne Wojcicki, Balaji Srinivasan, Baris Gultekin, Biz Stone, Dylan Field, Gokul Rajaram, Josh Elman, Kunal Shah, Varsha Rao
Dec 1, 2024	Lens Protocol	$31.0M Venture Round	—	Alloy Fund, Artichoke Capital, Will Wang, Blockchain.com Ventures, Electric Capital, Hashed, Infinity Ventures Crypto, Paradigm, Placeholder, Polygon, Sequoia Capital, SID Venture Partners, The Hit Forge, Variant, Aleksander Leonard Larsen, Ameet Patel, Balaji Srinivasan, Nick van Eck, Sebastien Borget
Dec 1, 2024	Techcoop	$28.0M Series A	—	Ascend Vietnam Ventures, Ron Hose
Nov 1, 2024	0G	$40.0M Seed	—	355 Capital, Alumni Ventures, Andreessen Horowitz, Animoca Brands, A'Z Angels, Bornschein & keine Töchter, CVentures, Ali Tamaseb, Hack VC, Pantera Capital, ParaFi Capital, Polygon, Solana Ventures, Sunset Ventures, True Global Ventures, WestCap, Winklevoss Capital, Balaji Srinivasan, Clement Benoit, Joi Ito, Justin Sun, Martin Varsavsky, Vipul Ved Prakash
Nov 1, 2024	BUDDY	$1.0M Seed	—	SeaX Ventures
Oct 1, 2024	LEVY Health	$5.0M Seed	—	8VC, Andreessen Horowitz, CRV, J2 Ventures, Kohala Ventures, Lux Capital, Picus Capital, Pi Labs, Ravelin Capital, Village Global, VR Ventures, XYZ Venture Capital, Larry Braitman, Lawrence Braitman
Oct 1, 2024	OpenGradient	$9.0M Seed	—	6th Man Ventures, Alloy Fund, Jana Messerschmidt, ENIAC Ventures, Founders' Co-op, Framework Ventures, Infinity Ventures Crypto, Khosla Ventures, KRM Interests LLC, Lightbank, Multicoin Capital, North Island Ventures, Nyca Partners, Polygon, Portal Ventures, Red Swan Ventures, Renegade Partners, SID Venture Partners, Trucks Venture Capital, Julian Koh, Louis Beryl, Regan Bozman

Financial History

Total Raised

N/A

Valuation

N/A

Leadership Team

Key people at Dragonfly Capital Partners.

Leadership Team

Key people at Dragonfly Capital Partners.

Deep Dive

Dragonfly Capital Partners is a private equity firm founded in 2017 that focuses on investments primarily in the consumer, healthcare, education, and technology sectors across Asia, with a strong emphasis on China. Its mission centers on facilitating buyout deals, especially in family businesses facing succession challenges, as well as participating in state-owned enterprise reforms and cross-border transactions between overseas companies and the Chinese market. The firm has made significant impacts on the startup and corporate ecosystem by backing major companies such as Ping An Insurance, Mengniu Dairy, Haier, and China International Capital Corporation, and by executing large-scale acquisitions like the $1.6 billion purchase of Sun Art from Alibaba[1].

Founded by David Liu and Julian Wolhardt, both former partners at Kohlberg Kravis Roberts (KKR) with deep experience in China-focused investments, Dragonfly Capital Partners leverages their expertise to navigate complex market dynamics. The firm raised $2.5 billion for its debut fund in 2019, marking it as one of the largest China-focused funds post the 2007-2008 financial crisis, attracting prominent global investors including GIC and Temasek Holdings[1].

Core Differentiators

Unique Investment Model: Focuses on buyouts, family business succession, state-owned enterprise reforms, and cross-border deals.
Network Strength: Strong ties with global institutional investors and strategic partners, enabling large-scale capital deployment.
Track Record: Backing of leading Chinese companies and successful high-profile acquisitions.
Operating Support: Deep regional expertise and hands-on involvement in portfolio companies to drive growth and transformation[1].

Role in the Broader Tech Landscape

Dragonfly Capital Partners rides the wave of China's evolving economic landscape, particularly the reform of state-owned enterprises and the increasing globalization of Chinese businesses. The timing is critical as China’s market opens to more private equity and cross-border investments, creating opportunities for firms that can bridge Western capital with Asian growth markets. By facilitating these transactions, Dragonfly influences the broader ecosystem by enabling modernization and expansion of key sectors such as consumer goods, healthcare, and technology[1].

Quick Take & Future Outlook

Looking ahead, Dragonfly Capital Partners is poised to deepen its influence in Asia’s private equity space by continuing to capitalize on succession-driven buyouts and state-owned enterprise reforms. Trends such as increased regulatory clarity in China and growing demand for cross-border investment will likely shape its trajectory. The firm’s ability to leverage its founders’ expertise and global investor base positions it well to remain a key player in Asia’s evolving investment landscape[1].

Sources

Core Differentiators

Unique Investment Model: Focuses on buyouts, family business succession, state-owned enterprise reforms, and cross-border deals.
Network Strength: Strong ties with global institutional investors and strategic partners, enabling large-scale capital deployment.
Track Record: Backing of leading Chinese companies and successful high-profile acquisitions.
Operating Support: Deep regional expertise and hands-on involvement in portfolio companies to drive growth and transformation[1].