TLDR:
- Galaxy Asset Management has raised $113 million for its Galaxy Ventures Fund, with a goal of reaching $150 million.
- The fund will focus on investing in early-stage companies in the crypto space, led by Galaxy CIO Chris Ferraro.
Michael Novogratz’s Galaxy Asset Management has secured $113 million for its Galaxy Ventures Fund, with a target of $150 million for further fundraising. The fund aims to invest in early-stage companies across crypto protocols, software infrastructure, and financialized applications. Galaxy has attracted institutional allocators, family offices, and high-net-worth individuals since fundraising began in the second quarter of the year.
Galaxy CIO Chris Ferraro expressed excitement about the additional interest from institutional investors in the digital asset sector. The fund plans to continue fundraising into the next year to reach its $150 million target, allowing it to extend its expertise and track record to more investors eager to tap into the growth of the digital asset space.
The venture capital fund will expand upon Galaxy Ventures’ existing investments in digital asset innovation, with a goal of building a portfolio of approximately 30 investments in this sector. Led by Galaxy Ventures General Partners Will Nuelle and Mike Giampapa, the fund aims to support companies that make global payments cheaper and faster, expand access to financial markets, and design new base layer infrastructure for the financial internet-of-value while providing elite returns to its investors.
Galaxy Digital, the affiliate of Galaxy Asset Management, revealed that the venture capital fund has already invested in over 100 portfolio companies, including Ethena, M^0, Monad, and Plume. With the continued success of its investments and the growing interest in the digital asset sector, Galaxy Ventures Fund looks set to make a significant impact on the crypto ecosystem.
