# BlackDragon

> BlackDragon is a VC fund in Zagreb backing Blockchain, Cryptocurrency and Financial Services. See 21 investments, check sizes, portfolio. Updated Aug 2026.

- Type: VC Fund
- Location: Zagreb, Croatia
- Total investments: 21
- Last investment: Nov 2024
- Lead investor: 14%
- Last updated: Aug 2026

BlackDragon is a decentralized blockchain-native fundraising group with dedicated in-house marketing, development, and research teams. We support the projects we invest in by providing invaluable resources in marketing, advisory, community growth, and access to our expansive, yet exclusive industry network.

## Round sizes

| Stage | Round size |
| --- | --- |
| Seed | $1.2M–$30M |
| Pre-Seed | $300k–$3M |
| Series A | $3.2M–$5.3M |

## Investment focus

### Industry

| Industry | Investments | Share |
| --- | --- | --- |
| Blockchain | 14 | 67% |
| Cryptocurrency | 9 | 43% |
| Financial Services | 5 | 24% |
| FinTech | 4 | 19% |
| Information Technology | 4 | 19% |

26 industries tracked in total.

### Stage

| Stage | Investments | Share |
| --- | --- | --- |
| Seed | 11 | 52% |
| Series A | 3 | 14% |
| Pre-Seed | 2 | 10% |
| Initial Coin Offering | 2 | 10% |
| Venture - Series Unknown | 2 | 10% |

6 stages tracked in total.

### Country

| Country | Investments | Share |
| --- | --- | --- |
| Singapore | 3 | 14% |
| India | 2 | 10% |
| France | 2 | 10% |
| United States | 2 | 10% |
| United Kingdom | 2 | 10% |

10 countries tracked in total.

## Investments

| Company | Description | Amount | Stage | Date | Website |
| --- | --- | --- | --- | --- | --- |
| Folks Finance | Folks Finance is the leading algorithmic capital markets protocol for lending and borrowing built and operated on top of the Algorand blockchain. Through the lending operations, Folks users can deposit liquidity and start earning a continuous economic return instantly. Through the borrowing operation, the users can request crypto loans by lockingdeposited funds as collateral. Folks Finance is the result of extensive research and engineering conducted by Blockchain Italia, a blockchain software house strongly focused on Algorand. The protocol innovations include a disruptive economic lending model designed for the soundness and security of the users, and the introduction of unique features such as staking of rewards, safety margins for cryptocurrency pairs, and an innovative liquidity provision system. | $3.2M | Series A | Nov 14, 2024 |  |
| MoreMarkets | Nuffle Labs develops NEAR Data Availability (DA) and the NEAR Fast Finality Layer (NFFL). | $6M | Venture - Series Unknown | Jun 13, 2024 |  |
| Zizle | Zizle wants to use the Solana blockchain to transform social networking: better data privacy, decentralized governance, and more efficient revenue streams for consumers and producers. the platform's goal is to make social networking a more entertaining, healthy, and profitable environment. | $3M | Pre-Seed | May 31, 2024 |  |
| GPU.Net | GPU Network is a decentralized graphics processing unit on-demand infrastructure that supports the next generation of Generative AI, Web3 Metaverses, high-end graphics rendering, and cryptocurrency mining. | $5.3M | Series A | Apr 10, 2024 |  |
| Hydro | Hydro is a specialize injective-native LSD+LSDFi protocol for maximizing yield with LSD, Real-Yielding Assets (RYA), and farming. |  | Seed | Feb 12, 2024 |  |
| FluidAI | FluidAI makes tokenized market access more efficient for institutions, trading platforms, and retail investors by using predictive AI-based models to solve inefficiencies in digital asset markets. FluidAI is driven by technologists, academics, data scientists, institutional digital asset platform founders, and investment bankers whose experiencespans across tier-one TradFi and crypto institutions such as Bank of America, HAYVN, Goldman Sachs, JP Morgan, Jefferies, Bloomberg, Citigroup, Refinitiv, and leading data science academic institutions such as Imperial College London, and Blekinge Institute of Technology, Sweden. |  | Venture - Series Unknown | Jan 01, 2023 |  |
| TEN (Obscuro Labs) | Obscuro is a layer 2 solution for Ethereum that brings privacy. It ensures the inputs, ledger state and execution are always encrypted. No changes to Dapps, just migrate and gain privacy. | $3.5M | Seed | Nov 01, 2022 |  |
| Oort Digital | Oort Digital offers users to store, send, borrow, lease, trade, pay, mine, and game with NFTs. | $1.8M | Seed | Jan 12, 2022 |  |
| Kudo Labs | Kudo is building an ecosystem of DeFi and web 3.0 products like Unomi and Bitquity for mainstream crypto adoption. | $4M | Series A | Dec 28, 2021 |  |
| Forward Protocol | Forward Protocol is a pioneer of a new education model based on blockchain that connects the #EdTech sector; designed to become the WordPress for EdTech.5 core smart contracts will be available in Forward Protocol:1. Proof of Value-Delivered \| 2. Proof of Value \| 3. Distributed Reward & Revenue Sharing \| 4. Proof of Ownership \| 5. InitialKnowledgeOffering (IKO) | $1.3M | Seed | Dec 14, 2021 |  |

10 of 21 investments shown.

## Co-investors
- [Exnetwork Capital](https://shizune.co/investors/profile/exnetwork-capital) — VC Fund, 6 deals together
- [Insignius Capital](https://shizune.co/investors/profile/insignius-capital) — VC Fund, 6 deals together
- [AU21 Capital](https://shizune.co/investors/profile/au21-capital) — VC Fund, 5 deals together
- [Dutch Crypto Investors](https://shizune.co/investors/profile/dutch-crypto-investors) — VC Fund, 4 deals together
- [Oracles Investment Group](https://shizune.co/investors/profile/oracles-investment-group) — VC Fund, 4 deals together
- [Titans Ventures](https://shizune.co/investors/profile/titans-ventures) — VC Fund, 4 deals together

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## FAQ

### What does BlackDragon invest in?

BlackDragon invests primarily in Blockchain, Cryptocurrency and Financial Services startups, most often at Seed and Series A stage. Most of the 21 investments tracked by Shizune back companies in Singapore. The Investment Focus section breaks down every industry, stage and country in the portfolio.

### What is BlackDragon's check size?

BlackDragon typically joins rounds of $1.2M–$30M at Seed, $300k–$3M at Pre-Seed and $3.2M–$5.3M at Series A. These ranges are 10th–90th percentile round sizes calculated from confirmed public funding rounds, so they are a realistic guide to the rounds BlackDragon participates in.

### When did BlackDragon last invest?

The most recent investment recorded for BlackDragon closed in Nov 2024. Shizune tracks 21 investments in total for this profile, including round sizes, stages and portfolio companies, all sourced from confirmed public funding rounds and refreshed monthly.

### Is Shizune's investor data accurate?

Yes — every stat on this profile is calculated from confirmed public funding rounds monitored across hundreds of sources since 2020. This profile was last refreshed in Aug 2026 and is updated monthly. Spotted something off? Use the “Suggest an edit” link near the top of the page.

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