TLDR:
- Billionaire Mike Novogratz’s Galaxy Digital raises $113 million for a new crypto venture fund.
- The Galaxy Ventures Fund I LP aims to invest in digital asset startups focusing on crypto software, infrastructure, and financial applications.
Billionaire Mike Novogratz’s crypto firm, Galaxy Digital, is set to invest over $100 million in digital asset startups through its new Galaxy Ventures Fund I LP. The fund has raised $113 million so far and aims to reach $150 million to support startups in the crypto space. The fund, part of Galaxy Ventures, plans to invest in about 30 different startups focusing on crypto software, infrastructure, and financial applications. Previously, Galaxy Digital invested around $30 to $50 million annually in startups using its own resources. This new fund allows outside entities to invest in the portfolio.
The fund intends to invest between $3 million and $5 million per project and has already invested in more than 100 companies, including Ethena, Monad, and Plume. Mike Giampapa, Galaxy’s general partner, believes that blockchains will be used for settling the majority of transactions and sees it as a long-term transition to bet on. Steve Kurz, Galaxy’s global head of asset management, stated that the fund will support innovation in the digital asset space and provide insights into emerging technologies shaping the future of finance.
The report by Bloomberg indicates Galaxy Ventures Fund I LP’s intention to back visionary startups and strengthen Galaxy Digital’s commitment to fostering innovation in the digital asset space. With the fund’s focus on investing in promising companies in the crypto sector, Galaxy Digital aims to play a significant role in shaping the future of finance through blockchain technology and digital assets.
