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The Venture Codex

Dragonfly

One Market Street, San Francisco, California, 94105, United States

Overview

Dragonfly Capital Partners brings together the leading participants in the decentralized economy. Its global ecosystem enables us to invest in and support the most promising opportunities in the crypto asset class.

Total investments
129
Lead investments
65
Investments · 12mo
12
Active investors
10

Sector focus

  • Business Development
  • Finance
  • Financial Services
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Investment portfolio

  • Sapiom

    Led · Series A · Aug 2026

    Sapiom provides infrastructure to operate AI agents in production, focusing on routing execution across models, compute, tools and services to optimize for cost, quality, latency, reliability and policy. Its product suite includes Sapiom Router for model selection, Sapiom Agent Studio for local development and deployment with codebase context, and Sapiom Runtime for managed execution with access controls, routing, recovery and step-level visibility. The company emphasizes reducing the cost of agent execution and enforcing budgets, permissions, and audit trails at runtime. Since launching six months ago the platform has processed over 270 million transactions and runs more than 100,000 agent executions per day, and customers have reported substantial inference cost savings. Founded in San Francisco in 2025, Sapiom has raised $50 million to date and operates its own inference capacity while expanding its team across engineering, ML, GTM and DevRel.

  • Stabledash

    Led · Series A · Jul 2026

    Stabledash presents itself as a crypto and Web3 company aiming to connect blockchain-native ecosystems with traditional fintech and banking. Company leadership emphasized that the new investor mix — including both Web3 specialists and institutions — validates their mission to bridge those two worlds. The firm highlighted that Capital One Ventures publicly participated in the round, noted as a rare public crypto investment by that firm. The available coverage did not disclose revenue, user metrics, founding year, or location. Public comments around the raise focused on strategic alignment with both crypto and traditional finance partners rather than specific product or financial details.

  • Velocity

    Led · Series A · Jul 2026

    Velocity offers a stablecoin payments and treasury platform designed for global CFOs and treasurers, combining regulated stablecoins with traditional banking rails, compliance, custody, liquidity management and settlement orchestration. The platform aims to enable near-instant settlement, reduce prefunding requirements and improve liquidity management for merchants, payment providers, fintechs and financial institutions. Velocity positions its technology as a bridge between traditional payments/banking systems and stablecoin networks to fit existing treasury workflows. Founded in 2025, the company has raised nearly $50 million in capital since May 2025, including the $38 million Series A. Velocity plans to use the funding to expand its global banking and payments network, accelerate product development and deepen regulatory capabilities to support enterprise adoption.

  • Venice

    Led · Series A · Jul 2026

    Venice offers access to more than 200 AI models—both hosted open-source models in its own data centers and routed closed-source models—while emphasizing user privacy through client-side encryption, external proxy routing, and optional end-to-end encryption for subscribers. Two years after launch the company reports over 3 million active users, more than 850,000 unique website visitors, and roughly 1.7 million API calls per day. Venice runs an “uncensored” experience with customizable AI characters and supports text, image, audio, and video generation, and it has issued two crypto tokens, VVV and DIEM, with about 8% of users paying with crypto. The company is already profitable with annualized run-rate revenues above $70 million. Management plans to use new funding to acquire GPUs and build its own data centers to cease GPU leasing and improve gross margins.

  • Variational

    Led · Series A · May 2026

    Variational operates a zero-fee trading platform (Omni) that aggregates liquidity from both on-chain and traditional markets to offer perpetuals and generalized derivatives. The protocol entered invite-only private beta in January 2025 and has since processed over $200B in trading volume, served 50k+ accounts, amassed over $750M in open interest, and shared over $7M in rewards with traders. Its initial RWA rollout (Phase 1) includes gold, silver, copper and WTI crude to validate cross-margining and on-chain settlement using aggregated crypto-native liquidity. Phase 2 intends to route liquidity directly from TradFi sources and expand to 100+ new markets. Variational’s 2026 roadmap includes listing additional RWA markets, deepening liquidity via partnerships, and releasing a trading API. The team includes veterans from firms such as Google, Meta, Virtu, IMC, and Jane Street.

Team