Dragonfly Digital Management, LLC

Private equity with venture activitySEC-registered adviserRaisingClassification probable· Oakland, Californiadragonfly.xyz

Dragonfly is a global investment firm. We back researchers and builders reinventing money and markets.

In the firm's own words, from its website.

Reported fund assets
$2.3B
sum of its funds' Form ADV filings, last 30 months
New companies, 12 mo
1
Investment team
2
Latest vintage
2026
Contact decision makers
More
Ask DFX about thisView relationshipsFind contactsInvestments (1)Team (3)Funds
As of · the latest observation of this organization; filed figures are as of its latest Form ADV

4 additional co-investors and affiliates, 2 additional investments, funds and LPs, 8 events, 1 verified contact (1 firm phone)

Every relationship, signal and contact on this record, with the source on each.

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

What matters now

  1. 2 vehicles
    on Form D, 18 months

    2 vehicles filed a Form D in the last 18 months, the latest DF Holdco on 7 May 2026. $552M reported sold so far.

    A Form D is filed when a vehicle takes its first money, so these are open to LPs now.

    FactSEC Form D filingsFor LPs, fund-of-funds, placement agentsVehicles →

People to know

View all people
  • BO Feng
    Managing Member
    Why: Named with investment responsibility
    No route on file yet
  • Haseeb Ahmad Qureshi
    Co-Owner
    Why: Named with investment responsibility
    No route on file yet

Relationship network

16 connected entities1 observed roundrounds 2026

From financing rounds and every investor named in them, Form ADV and Form D filings, the firm's funds and team, and disclosed LP commitments in the venture capital graph. A round's amount is the size of the round, not money that moved between two investors.

Some relationships on this record are counted rather than named here. They open with the full profile.

Click any name or line for the rounds and sources behind it. Line weight is rounds together; dashed lines are inferred.

Reading the network
  • Sponsor
  • Company
  • Fund or vehicle
  • Person

Co-investors are read from the rounds: three or more shared rounds is a strong observed relationship, two a repeat co-investor, one a single round. Funds and people are structural. Nothing is scored that a reader cannot check.

Darker lines were active in the last 24 months or are current; lighter lines are older or undated.

How am I connected?

Name your firm, a company or a person, and DFX finds the published routes to Dragonfly Digital Management, LLC: a shared portfolio company or board, a prior employer, a co-investor, a shared LP or service provider. Every step is a filed or published record with its source; none is a guess about who knows whom.

See how you connect to Dragonfly Digital Management, LLC

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

Investing

1 company on record, 1 new in 12 months
Investments on record
1 company, 0 partner-attributed
CompanyRoundRolePartnerRound sizeThis investorDateSource
RainSeries C · Series Cparticipantunknown$250MunknownJan 9, 2026Fact Press release
Stated thesis versus observed behaviour
1 observed deals
Stated (the firm’s website)
Sectors
ai, fintech, defense, crypto
Stages
seed, series b
Geography
asia, global, globally, new york, singapore
Check size
not stated; DFX does not estimate checks from round sizes
Observed (from deals on record)
Stage at participation
series c 100%
Stage at first entry
series c 100%
Sectors
unknown 100%
lead rate 0%follow-on rate 0%new companies, 12 months 1

Team

3 current, 2 departed
Decision makers
who to call first, and why; then everyone else by function
  • BO Feng · Managing Member
    Why this person: Named with investment responsibility
  • Haseeb Ahmad Qureshi · Co-Owner
    Why this person: Named with investment responsibility
Who else at this firm · 1 person, grouped by function
Finance, operations and compliance (1)
  • Scott Hershorin · Chief Compliance Officer / Vp Of Operations
    Why this person: Chief Compliance Officer / Vp Of Operations at the firm

Ranked by the role the firm or its filing states, a route on file and deals led. Every reason is read from the record, never inferred. Routes are published by the person or the firm (their bio, the team page or a filing) and are revealed on a plan; data bought from a provider is never shown, and a route printed at a firm the person has since left is held back.

Investment team
3 current, 2 departed
3 departed (kept with end dates)
Contacts
1 firm phone

1 firm phone on record, each with its source. Values open with the complete profile.

Funds and LPs

5 vehicles, 0 LPs disclosed
Funds and vehicles
5 reported
VehicleTypeVintageLifecycleReported GAVOwnersForm D soldLatest Form D
DF Holdco L.P.Fund2026 form d first saleNewly closedunknownunknown$120M
of $120M
May 7, 2026
Dragonfly Ventures IV, L.P.Fund2024 form d first saleFundraising$710M
Mar 31, 2026
88$432M
of $650M
Oct 30, 2025
Dragonfly Ventures III, L.P.Fund2022 form d first saleActive deployment$1.3B
Mar 31, 2026
154$650M
of $650M
May 6, 2022
Limited partners
0 LPs, 0 disclosed commitments
No LP commitment on record. An LP edge needs a public disclosure with a quote: a pension report (see Limited partners for the plans read), a fund announcement naming the LP, or a Form ADV owner. The fund page carries the LP’s reported performance.
Known LPs and allocators
0 relationships across the firm's funds, from public pensions and the allocator graph
No allocator names this firm or its funds in a public disclosure DFX holds.

Relationships across DFX

7 co-investors · on 1 other DFX graph
Co-investors
7 counted from shared deals, for the whole firm
Across DFX and the capital chainon 1 other DFX graph Show
Across DFX
  • The same institution is held on RIA and Wealth, matched by identifier. See which records
Across the graphs

Dragonfly Digital Management, LLC is the same institution as 1 record in RIA and Wealth.

RIA and Wealth1

The joined record opens with the product, beside every other relationship on this page.

Checking your plan…

Evidence and history

13 dated events, 79 observations from 4 sources
Timeline
13 dated events
  1. seen on or beforeSep 24, 2026
    Dragonfly Digital Management, LLC: CORPORATE_VENTURE -> PE_WITH_VENTURE_ACTIVITY (registered adviser; venture funds are 36% of 7 private funds)
    Classification changedClassificationInferenceno URL
  2. Mar 31, 2026
    DCP Scout Feeder, L.P. first reported on Form ADV by Dragonfly Digital Management, LLC (Venture Capital Fund), GAV $2,429,139
    Fund first reported on Form ADVFundsInferenceDCP Scout Feeder, L.P.Form ADV
  3. Mar 31, 2026
    Dragonfly Ventures IV, L.P. first reported on Form ADV by Dragonfly Digital Management, LLC (Venture Capital Fund), GAV $709,785,271
    Fund first reported on Form ADVFundsInferenceDragonfly Ventures IV, L.P.Form ADV
  4. Nov 1, 2024
    Dragonfly Digital Management, LLC filed the first Form D for Dragonfly Ventures IV, L.P. (fund 4), its next fund after Dragonfly Ventures III, L.P. (vintage 2022); offering $650.0M
    Fund next filedderived signalInferenceDragonfly Ventures IV, L.P.no URL
  5. Aug 11, 2022
    Dragonfly Ventures III, L.P. first reported on Form ADV by Dragonfly Digital Management, LLC (Venture Capital Fund), GAV $644,255,950
    Fund first reported on Form ADVFundsFactDragonfly Ventures III, L.P.Form ADV
Identity and regulatory footprint
Address, phone, Form ADV filing and ownersForm ADV filed Mar 31, 2026 · 7 private fundsShow
Headquarters
San Francisco, CAadviserinfo.sec.gov
Office address
unknownadviserinfo.sec.gov
Business phone
unknownadviserinfo.sec.gov
Website
dragonfly.xyz
SEC adviser type
Registered investment adviseradviserinfo.sec.gov
SEC exemption claimed
unknown
Latest Form ADV
Mar 31, 2026
Private funds reported
7 (4 venture capital funds)adviserinfo.sec.gov
Private fund gross assets, adviser total
$3.5Badviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
Regulatory AUM
$3.4Bthe adviser's RAUM, a regulatory measure, never a fund size
Employees
34
Owners on Schedule A
NEW Select Ventures Limited (Co-Owner), owns 50% to 75%; Dragonfly Management Limited (Owner), owns 75% or more; Dragonfly Holding LLC, a Cayman Limited Company (Owner), owns 75% or more
Classification history
Every classification this record has carried2 on recordShow
  1. Sep 24, 2026
    Private equity with venture activity (probable, 75%)
    Registered adviser; venture funds are 36% of 7 private funds
  2. Sep 12, 2026
    Corporate venture (probable, 80%)
Evidence
79 observations from 4 sources
Every observation behind this profile, with its source, date and class
FactValueEffectiveClassSource
Why admittedVC funds reportedMar 31, 2026FactForm ADV
SEC adviser typeRegistered investment adviserMar 31, 2026FactForm ADV
SEC adviser typeRegistered investment adviserMar 31, 2026FactForm ADV
SEC adviser typeRegistered investment adviserMar 29, 2024FactForm ADV
First Form ADV filing2019-11-10Mar 31, 2026FactForm ADV
First Form ADV filing2019-11-10Mar 29, 2024FactForm ADV
Adv history loadedadv-hist-1+panel:2026-09-29Sep 30, 2026FactForm ADV
Adv history loadedadv-hist-1+panel:2026-09-25Sep 26, 2026FactForm ADV
Adv history loadedadv-hist-1+panel:2026-09-23Sep 24, 2026FactForm ADV
Adv history loadedadv-hist-1+panel:2026-09-21Sep 23, 2026FactForm ADV
Adv history loadedadv-hist-1+panel:2026-09-22Sep 23, 2026FactForm ADV
Adv history loadedadv-hist-1Sep 12, 2026FactForm ADV
Latest Form ADV filing2026-03-31Mar 31, 2026FactForm ADV
Latest Form ADV filing2026-03-31Mar 31, 2026FactForm ADV
Latest Form ADV filing2024-03-29Mar 29, 2024FactForm ADV
SEC statusApprovedMar 31, 2026FactForm ADV
SEC status effective2022-05-03Mar 31, 2026FactForm ADV
Venture share of reported funds0Mar 31, 2026FactForm ADV
Venture share of reported funds0Mar 29, 2024FactForm ADV
Business phoneMar 31, 2026FactForm ADV
Business phoneMar 29, 2024FactForm ADV
Contact page urlOct 1, 2026Factno URL
Contact page urlSep 16, 2026Factno URL
DescriptionOct 1, 2026Factno URL
DescriptionSep 16, 2026Factno URL
DescriptionSep 13, 2026Factno URL
Employees34Mar 31, 2026FactForm ADV
Employees36Mar 29, 2024FactForm ADV
HeadquartersSan Francisco, CAMar 31, 2026FactForm ADV
HeadquartersOakland, CAMar 29, 2024FactForm ADV
Office addressMar 31, 2026FactForm ADV
Office addressMar 29, 2024FactForm ADV
Legal formLimited Liability CompanyMar 31, 2026FactForm ADV
Other funds reported1Mar 31, 2026FactForm ADV
Portfolio pageOct 1, 2026Factno URL
Portfolio pageSep 16, 2026Factno URL
Portfolio pageSep 13, 2026Factno URL
Private funds reported7Mar 31, 2026FactForm ADV
Private funds reported7Mar 31, 2026FactForm ADV
Private funds reported6Mar 29, 2024FactForm ADV
Private fund gross assets (reported)$3.5BMar 31, 2026FactForm ADV
Private fund gross assets (reported)$3.5BMar 31, 2026FactForm ADV
Private fund gross assets (reported)$2.5BMar 29, 2024FactForm ADV
Regulatory AUM (adviser, not fund size)$3.4BMar 31, 2026FactForm ADV
Regulatory AUM (adviser, not fund size)$2.5BMar 29, 2024FactForm ADV
Schedule a diffsadiff-1Sep 29, 2026FactForm ADV
Stated geographyAsia, global, globally, new york, singapore
“geography words on the home page”
Oct 1, 2026Factno URL
Stated geographyAsia, global, globally, new york, singapore
“geography words on the home page”
Sep 16, 2026Factno URL
Stated geographyAsia, global, globally, new york, singapore
“geography words on the home page”
Sep 13, 2026Factno URL
Stated sectorsAI, fintech, defense, crypto
“sector words on the home page”
Oct 1, 2026Factno URL
Stated sectorsAI, fintech, defense, crypto
“sector words on the home page”
Sep 16, 2026Factno URL
Stated sectorsAI, fintech, defense, crypto
“sector words on the home page”
Sep 13, 2026Factno URL
Stated stagesSeed, series b
“stage words on the home page”
Oct 1, 2026Factno URL
Stated stagesSeed, series b
“stage words on the home page”
Sep 16, 2026Factno URL
Stated stagesSeed, series b
“stage words on the home page”
Sep 13, 2026Factno URL
Team pageOct 1, 2026Factno URL
Team pageSep 16, 2026Factno URL
Team pageSep 13, 2026Factno URL
Venture funds reported4Mar 31, 2026FactForm ADV
Venture funds reported4Mar 31, 2026FactForm ADV
Venture funds reported2Mar 29, 2024FactForm ADV
WebsiteSep 12, 2026FactForm ADV
WebsiteMar 29, 2024FactForm ADV
Website resolved domaindragonfly.comOct 1, 2026Factno URL
Website resolved domaindragonfly.comSep 16, 2026Factno URL
Website resolved domaindragonfly.comSep 14, 2026Factno URL
Site titleOct 1, 2026Factno URL
Site titleSep 16, 2026Factno URL
Site titleSep 13, 2026Factno URL
How this is scored
Scores, classification basis and filing advisersPrivate equity with venture activity, probableShow
Importance
40
elevated
Active deployment
64
high
Emerging
0
low
Freshness
100
high
Private equity with venture activity · probableSEC registered investment adviser

Registered adviser; venture funds are 36% of 7 private funds

The inputs behind each score
importance
gav: $1 · funds: 0.42 · people: 0.08 · investments: 0.11 · scale basis: Venture-typed funds only (Private equity with venture activity): 5 funds, $2.3B of $2.3B reported · co investors: 0.34
active deployment
investments 12m: 0.13 · fund raising 18m: 1 · people joined 12m: 0 · vintage within 3y: 1 · latest investment at: 2026-01-09
emerging manager
fund count: 5 · reported gav: $2.3B · first adv filing: 2019-11-10 · years since first filing: 6.9

Fits, record history and connections

scored matches for this investor, every identity change, every edge

Fits

3 scored matches, best firstas of
  • score 34.6confidence 80%
    Why: stage fit; activity
  • score 34.6confidence 80%
    Why: stage fit; activity
  • score 34.6confidence 80%
    Why: stage fit; activity

Scored by DFX match engines from the record's observed portfolio, stage, geography and recent activity. A fit is a reason to look, not a mandate; the blockers say what the model could not confirm. Names and the evidence sentences show with the names on this page.

Record history

2 dated events on the change ledger, latest event first
  • Organization classification changed
    2026-09-24
  • Adviser's first ADV filing
    2019-11-10source on record

The ledger records every merge, rename and reclassification this record went through and the dated filings observed on it, so the identity on this page can be traced to the records it was built from. The ledger's own sentences name other records, so they show with the names.