On February 26, news broke that Haseeb Qureshi, managing partner at Dragonfly, and Alexander Pack, former co-founder of the firm and current co-founder of HackVC, publicly clashed on social media. The dispute centers around the founding phase of the venture capital firm and who held decision-making authority over key investments.
Key Points of Dispute
In a detailed post, Haseeb highlighted his role in transforming Dragonfly into a structured and scalable firm. He stated that when he joined, the firm lacked a clear identity and operational framework, which he later helped establish.
Alexander Pack pushed back, asserting that Dragonfly was already founded more than a year prior to Haseeb's arrival by himself and Feng Bo. He also claimed that major investment decisions — including commitments to Bybit, Amber Group, and Crusoe — were made before Haseeb officially joined the firm.
Escalating Tensions
Haseeb subsequently responded, noting inaccuracies in Pack’s claims and offering clarifications on investment roles and decision-making processes. The debate has grown increasingly pointed, with both sides defending their contributions to the firm's early development.
Industry Reactions
- The public spat has drawn attention to the challenges of defining leadership and legacy within early-stage venture teams.
- Observers note that such disputes often reveal deeper governance issues in young firms.
- Additionally, the competing narratives may raise questions among Dragonfly’s LPs regarding the firm’s internal stability and investment track record.