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Home»ADOPTION NEWS»Michael Novogratz’s Galaxy Secures $113 Million in Crypto-Focused Venture Fund
ADOPTION NEWS

Michael Novogratz’s Galaxy Secures $113 Million in Crypto-Focused Venture Fund

By Crypto FlexsJuly 25, 20242 Mins Read
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Michael Novogratz’s Galaxy Secures 3 Million in Crypto-Focused Venture Fund
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Michael Novogratz’s Galaxy Asset Management has raised $113 million for Galaxy Ventures, a fund focused on investing in early-stage companies in crypto protocols, software infrastructure, and financialized applications.

Affiliates of Galaxy Digital Holdings have attracted institutional investors, family offices and high-net-worth individuals since they began fundraising in the second quarter of this year.

According to a statement from Galaxy, it expects to continue raising funds towards its $150 million target by next year, given the growing interest from institutional investors in the digital asset space.

“Successfully investing in and supporting founders, technologies, and companies at the forefront of digital asset innovation has been at the core of Galaxy’s mission since 2018,” said Galaxy CIO Chris Ferraro.

“By taking on external capital, we can extend our expertise, experience and proven track record to institutional investors looking to ride the next wave of growth,” he added.

The fund will expand Galaxy Ventures’ investments in companies engaged in digital asset innovation. According to today’s announcement, the venture capital fund aims to build a portfolio of approximately 30 investments in digital asset companies and will be led by Galaxy Ventures General Partners Will Nuelle and Mike Giampapa.

“If, at the end of the fund’s life, Galaxy Ventures has backed teams that are making global payments cheaper and faster, expanding access to financial markets, and designing new base layer infrastructure for the value of the financial internet, while delivering extraordinary returns for our investors, then that’s how I will define success for the fund,” said Will Nuelle, General Partner at Galaxy Ventures.

According to a Thursday press release from Galaxy Digital, the venture capital fund has already invested in more than 100 portfolio companies, including Ethena, M^0, Monad, and Plume.


Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information on the cryptocurrency industry. Below are the current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.

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