Haseeb Qureshi and Alexander Pack got into a public replace about who in actuality based mostly Dragonfly Capital on the social media platform X after Qureshi posted an editorial detailing how one can invent a a hit project capital company.
Qureshi before the total lot claimed that he built the company from zero, but Pack challenged this story, bringing up instead that the company used to be established and might maybe well maybe well boast of a $100 million fund sooner than Qureshi’s arrival.
Who in actuality based mostly Dragonfly Capital?
Haseeb Qureshi, Managing Accomplice at Dragonfly, posted an intensive 13-lesson data on X (formerly Twitter) detailing how one can invent a a hit project capital (VC) company. In his post, Qureshi detailed his trot of becoming a member of forces with Bo Feng to present Dragonfly from the bottom up at some level of the 2018 crypto frosty climate. He described utilizing a fallacious-it-until-you-invent-it approach, claiming the company on the muse had no sign and no potential to handbook affords.
Within the comments of his post, Alexander Pack, a outmoded partner on the company, accused Qureshi of rewriting history.
“Haseeb, it’s rather straightforward. You wrote a post about how one can beginning a VC. You lied about beginning the VC. You have never started a VC company for your lifestyles.” Pack wrote.
Pack acknowledged that he and Bo Feng had co-based mostly Dragonfly extra than a year sooner than Qureshi used to be employed. Primarily based mostly entirely on Pack, the company used to be already operational, had a $100 million fund, and had already participated in different excessive-profile affords.
To reduction his claim, Pack referenced a 2018 Forbes announcement that explicitly names “Alexander Pack and Bo Feng” because the founders of Dragonfly.
The article acknowledged that the duo used to be looking out to invest $100 million into a combination of crypto-first funds and protocols. On the time of that publication, Qureshi used to be listed as a General Accomplice at MetaStable Capital, an entity Dragonfly had in actuality invested in.
In a response to defend himself, Qureshi clarified that while the fund had been announced, it had no longer been entirely raised when he joined. He additionally maintained that he used to be in impress for absorbing the company far flung from a fund-of-funds model toward a say-investment powerhouse.
Thru the collection of exchanges, Qureshi acknowledged that Pack is never any longer welcome on the company and alleged that Pack’s departure from the company four years ago alive to him mendacity to other folks about affords.
What had been Qureshi’s early contributions?
Qureshi’s 13 lessons emphasize that VC is a other folks enterprise and that non-public distribution, take care of a social media presence and carrying out public storytelling, is a requirement for contemporary companies.
His post mentioned that companies take care of a16z are on the general viewed as media companies with a project arm. Alternatively, a focal level on private branding can invent friction when just a few parties if truth be told feel their contributions to that sign are being erased or undervalued.
In his replace with Pack, Qureshi argued that even when Dragonfly existed as a valid entity, the company within the intervening time identified by the market used to be built throughout the disclose systems he conducted, equivalent to Dragonfly Learn.
When Dragonfly Capital launched, they had puny sign recognition within the competitive VC panorama, and so that they branded themselves as a study-driven fund in show to face out.
The study used to be simply Haseeb Qureshi republishing his deep-dive explainers and speculative “wouldn’t or no longer or no longer it is crazy if” posts that he ancient to write for his private blog below the Dragonfly Learn banner.
The approach in the end helped them rating affords and entice founders sooner than they had a protracted song story of a hit exits.
Dragonfly Learn in the end evolved into a sound department that publishes intensive data-heavy reviews, such because the Negate of Airdrops Sage and Crypto Compensation Reports, which exercise proprietary data to have a study how noteworthy crypto workers are paid or how airdrops have an effect on long-term token health.
The group of workers now contains data scientists, valid experts, and rather plenty of researchers who put up below the identical banner.
Irrespective of media reviews suggesting that institutional interest in crypto has waned, Dragonfly no longer too long ago launched its $650 million Fund IV. Currently, the company manages roughly $4 billion and has Forty five workers unfold across Contemporary York, San Francisco, and Singapore.
