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Since 2022, Dragonfly Capital has backed 3 African startups across 3 disclosed funding rounds totaling $54M, most heavily in Nigeria and Fintech.
Dragonfly is a leading crypto investment fund that backs founders building in the digital asset and Web3 ecosystem. According to its official materials, Dragonfly invests globally and operates as a venture capital firm focused on crypto, with offices in New York City and Singapore. The firm describes itself as a cross border crypto venture fund that is global from day one. Within Africa, Dragonfly has participated in multiple Series A rounds, reflecting a focus on early growth stage companies. Based on confirmed investment data, the firm has invested a total of 54.0 million dollars across three Series A funding rounds between April 2022 and May 2025. These investments are concentrated in fintech, with a geographic focus on Nigeria and Cameroon. Dragonfly’s African portfolio includes Conduit, a cross border business payments platform using fiat and stablecoins in Nigeria, Ejara, a Cameroon based platform that enables users to invest, save, and grow money from their phones without a bank account, and Afriex, a Nigerian service for sending money to Africa in seconds with real time rates. These investments illustrate Dragonfly’s interest in crypto enabled financial infrastructure and cross border payments solutions across key African markets.
Data updated · Jul 29, 2026
Dragonfly Capital has backed 3 African startups across 3 disclosed funding rounds tracked on Liners, totaling $54M since 2022.
Mostly Series A: 3 of its 3 tracked rounds are at that stage.
Its tracked rounds lean toward Fintech (3).
Dragonfly Capital most often shares rounds with Circle Ventures (2 shared deals), Sound Ventures (1 shared deal), Commerce Ventures (1 shared deal).
Dragonfly is a crypto focused venture capital fund that invests globally, with confirmed offices in New York City and Singapore. It focuses on backing founders in the digital asset and Web3 ecosystem, including fintech companies using crypto rails and stablecoins.
Dragonfly has invested in three African companies based on confirmed records. These are Conduit in Nigeria, Ejara in Cameroon, and Afriex in Nigeria, all at the Series A stage.