Michael Novogratz Galaxy raises $113 million for inaugural Crypto Venture Fund
Michael Novogratz's Galaxy announced that the company has raised $113 million for its inaugural Galaxy Crypto Ventures fund.
We’re proud to announce the $113M initial close of Galaxy Ventures Fund I, a venture capital fund dedicated to investing in early-stage companies across crypto protocols, software infrastructure, and financial applications. pic.twitter.com/YjNqWni6uh
— Galaxy (@galaxyhq) July 25, 2024
According to a press release by Galaxy Asset Management, one of the world's largest digital assets and blockchain investment managers, the initial close of the $113 million is for the Galaxy Ventures Fund I LP, a venture capital fund to back early-stage firms focused on protocols, software, and financialized applications.
Since fundraising for this new fund began in the second quarter of this year, high-net-worth individuals, family offices, and institutional allocators have expressed interest in it. Galaxy anticipates continuing fundraising into the following year in order to meet, if not surpass, the fund's $150 million goal in light of the additional interest from institutional investors.
With this fund, Galaxy Ventures will build on its time-tested thesis of investing in businesses that invent digital assets and make it possible for markets, financial institutions, and startups to take part in the onchain future. The team wants to amass a portfolio of about thirty investments in the most promising digital asset companies, the company added.
The fund is led by General Partners Will Nuelle and Mike Giampapa and backed by a variety of Galaxy business lines.
Chris Ferraro, President and Chief Investment Officer of Galaxy, said that "We can reach institutional investors ready to participate in the next wave of growth by extending our knowledge, experience, and track record by taking on external capital."
Galaxy Ventures has made investments in over 100 portfolio companies thus far, and a few of the investments made from the new fund are Ethena, M^0, Monad, and Plume, the post added.
Steve Kurz, Global Head of Asset Management at Galaxy, said that "With the help of this fund, we will be able to support innovative startups in the digital asset space and obtain unparalleled insights into the emerging technologies that will impact not only our firm but also the future of finance."
"My definition of success for this fund would be if, at the end of its life, Galaxy Ventures has helped teams build new base layer infrastructure for the financial internet of value, reduce the cost and speed of international payments, and increase access to financial markets—all while generating exceptional returns for our investors," said Will Nuelle, General Partner at Galaxy Ventures, in the post.
With more than 450 workers worldwide, Galaxy provides unmatched technical know-how and connectivity that allow the firm to secure strategic deal allocations and aid portfolio companies by understanding significant technological advancements in financial services and crypto infrastructure.
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