Billionaire Mike Novogratz’s Galaxy Digital is set to invest over $100 million in digital asset startups through their new Galaxy Ventures Fund I LP, which has raised $113 million so far. The fund aims to support startups focusing on crypto software, infrastructure, and financial applications, with a goal of raising a total of $150 million and investing in around 30 different startups.
Galaxy Digital has been investing in startups for years using its own resources, typically between $30 million and $50 million annually. The new venture fund allows outside entities to invest in the portfolio as well. According to Mike Giampapa, the general partner at Galaxy, the company believes that blockchains will be used to settle the majority of transactions in the future, making a long-term bet on the technology.
The venture capital fund plans to invest between $3 million and $5 million per project, focusing on companies like Ethena, Monad, and Plume, among others. Galaxy Ventures claims to have invested in over 100 companies to date. Steve Kurz, the global head of asset management at Galaxy, highlights the fund’s commitment to fostering innovation in the digital asset space, supporting visionary startups, and gaining insights into emerging technologies that will shape both the company and the future of finance.
To stay updated with the latest news and developments in the industry, readers can subscribe to email alerts for direct delivery to their inbox. They can also follow Galaxy Digital on various social media platforms like X, Facebook, and Telegram for real-time updates and information on their investments and initiatives. With a strong focus on supporting the growth and development of digital asset startups, Galaxy Ventures Fund I LP is poised to make a significant impact in the industry and drive innovation in the digital asset space.
