- $113 million has been raised for the Galaxy Ventures Fund by Galaxy Asset Management.
- It wants to keep raising money in order to reach its $150 million goal.
In order to support Galaxy Ventures, a fund that invests in early-stage businesses in the fields of financialized applications, software infrastructure, and crypto protocols, Michael Novogratz’s Galaxy Asset Management has raised $113 million.
Family offices, high-net-worth individuals, and institutional allocators have expressed interest in the affiliate of Galaxy Digital Holdings since fundraising got underway in the second quarter of this year.
According to a statement from Galaxy, it aims to continue fundraising throughout next year toward a $150 million objective, given the increased interest from institutional investors toward the digital asset industry.
Since 2018, Galaxy’s objective has been centered around effectively investing in and supporting entrepreneurs, technologies, and businesses at the forefront of innovation in digital assets, according to Galaxy CIO Chris Ferraro.
He went on, “By taking on outside funding, we can reach institutional investors eager to capitalize on the next wave of growth with our knowledge, experience, and track record.”
The fund will increase Galaxy Ventures’ holdings in businesses that innovate digital assets. The venture capital fund, which will be run by Galaxy Ventures General Partners Will Nuelle and Mike Giampapa, aims to create a portfolio of about thirty investments in digital asset firms, according to today’s announcement.
Galaxy Ventures General Partner Will Nuelle stated, “At the end of the fund’s life, my definition of success would be helping teams that are increasing access to financial markets, lowering the cost and speed of international payments, and creating new base layer infrastructure for the financial internet-of-value—all while generating exceptional returns for our investors.”
As to a press statement issued by Galaxy Digital on Thursday, the venture capital firm has made investments in more than 100 portfolio businesses, such as Ethena, M^0, Monad, and Plume.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
