Michael Novogratz’s Galaxy Raises $113 Million for New Venture Fund
According to BlockBeats news on July 25th, billionaire Michael Novogratz’s Galaxy has successfully raised $113 million for its new risk fund. The fund will focus on early-stage startups dedicated to crypto software, infrastructure, and financial applications.
The Galaxy Ventures Fund I LP aims to establish a portfolio consisting of around 30 investments. Funds have already been allocated to projects like Ethena, Monad, and Plume. Galaxy Digital Holdings stated in a Thursday announcement that the fund is expected to continue fundraising, with a target of $150 million by next year. The fund’s other general partner, Will Nuelle, mentioned that each project is expected to receive between $3 to $5 million in investment, although amounts may vary.
Galaxy Asset Management Gathers $113 Million for New Crypto Risk Fund
Michael Novogratz, a prominent figure in the cryptocurrency industry, has gained significant support for his latest venture. The substantial amount raised for the Galaxy Ventures Fund I LP reflects growing confidence in the crypto sector’s potential for innovation and financial growth.
With investments already made in promising projects, Galaxy’s new fund is poised to make a substantial impact on the early-stage startup scene. By providing crucial financial support to companies developing crypto software, infrastructure, and financial applications, Galaxy Ventures Fund I LP is positioned to play a key role in shaping the future of the digital economy.
