Daniel Howard Launches New Crypto Venture Capital Fund

September 05, 2024

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Daniel Howard, son of prominent hedge fund billionaire Alan Howard, and his colleague Bhavin Vaid have launched a new cryptocurrency-focused venture capital fund called Halo Capital. According to a Bloomberg report, they raised $25 million for the fund, which will invest in early-stage digital asset projects.

Halo Capital Crypto Fund To Take a Different Approach

While the names of the investors backing Halo Capital remain undisclosed, Howard and Vaid have expressed their intention to apply the mindset of growth investors to emerging projects. Notably, Halo Capital’s investment strategy is broad. From well-established assets like Bitcoin to the cutting-edge intersection of decentralized finance (DeFi) and artificial intelligence (AI), the fund plans to be active across multiple categories.

The venture fund’s launch comes as institutional interest in digital assets is growing despite the volatility of the crypto markets. Halo Capital has enlisted around 20 partners for the fund. These partners include company founders and research experts to guide the two founders and their portfolio companies.

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Galaxy Digital Raises New Fund to Support Innovative Project

In July, Galaxy Digital, led by Michael Novogratz, successfully raised $113 million for its new crypto venture fund, Galaxy Ventures Fund 1 LP. The primary objective of Galaxy Ventures Fund 1 LP is to build a diversified portfolio consisting of approximately 30 investments within the cryptocurrency and blockchain space.

In addition, Galaxy Digital plans to leverage this new fund to support innovative projects focused on cryptocurrency software, blockchain infrastructure, and digital finance. Furthermore, the firm’s dedication to reaching the $150 million target shows its confidence in the industry’s long-term future and its commitment to promoting growth and innovation.

Crypto Market Experiences Fundraising Surge

Many crypto and venture firms have raised substantial funds for various purposes through fundraising efforts over the years. According to PitchBook, a well-known data provider for private and public market investors, the crypto market saw a surge in fundraising during the first quarter of 2024, amounting to $2,4 billion.

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Meanwhile, some months ago, CMT Digital, a venture capital firm, raised $150 million for its fourth fund, focusing on longer-term crypto investments. Sam Hallene, an investment partner, highlighted that the latest innovation wave focuses on decentralized physical infrastructure, including “application-specific hardware” like permanent file storage or internet provision.