Galaxy Asset Management has bagged $113 million for a new venture fund investing in early-stage startups focused on crypto software, infrastructure and financial apps.
Michael Novogratz‘s crypto bank Galaxy Digital has raised $113 million for a new fund focused on backing early-stage companies across crypto protocols, software and financialized applications.
In a Jul. 25 press release, Galaxy Asset Management said the new fund garnered investment from institutional allocators, family offices, and high-net-worth individuals, noting that fundraising started in Q2. The venture capital firm added that it anticipates “continuing fundraising into next year and reaching, if not exceeding, the fund’s $150 million target.”
“This fund will strengthen our commitment to fostering innovation in the digital asset space, enabling us to back visionary startups and gain unparalleled insights into the emerging technologies that will shape both our company and the future of finance.”
Galaxy Digital’s global head of asset management, Steve Kurz
Led by General Partners Will Nuelle and Mike Giampapa, the fund will focus on companies that “engineer digital asset innovation and enable financial institutions, startups, and markets to participate in the onchain future,” the company says, adding that the team’s goal is to “build a portfolio of approximately 30 investments.”
Galaxy joins other crypto venture giants in intensifying their strategies as the market shows signs of recovery. In late April, reports indicated that another crypto VC firm, Pantera Capital, is also looking to raise over $1 billion for a new fund that offers investors exposure to blockchain assets. In June, crypto-focused VC firm Paradigm raised $850 million for its third fund to focus on “crypto projects at the earliest stages.”