Galaxy Digital, led by Michael Novogratz, has successfully raised $113 million for its new crypto venture fund, Galaxy Ventures Fund I LP. According to a Bloomberg report, this initial fundraising effort marks a significant milestone for the fund, aiming to reach a target of $150 million by next year.
Galaxy New Fund to Support Innovative Projects
The primary objective of Galaxy Ventures Fund I LP is to build a diversified portfolio consisting of approximately 30 investments within the cryptocurrency and blockchain space. Likewise, Galaxy Digital plans to leverage this new fund to support innovative projects focused on cryptocurrency software, blockchain infrastructure, and digital finance.
As Galaxy Digital continues to raise funds, the extra capital will allow the fund to support more innovative projects and expand its influence in the cryptocurrency market. Furthermore, the firm’s dedication to reaching the $150 million target shows its confidence in the long-term future of the industry and its commitment to promoting growth and innovation.
Galaxy Digital Opens Up a New Fund
Last year, Galaxy decided to open its new fund, Galaxy Ventures Fund I, to external venture capitalists. This shift in approach underscores a broader vision to foster innovation within the digital asset ecosystem. The firm indicated that the minimum investment in startups through this fund will be $1 million.
Interestingly, this sizable commitment underscores the firm’s confidence in supporting promising ventures within the crypto space. Meanwhile, Galaxy started the initial phase of raising a $100 million venture fund in April. According to reports, most of the capital will originate from external investors.
As reported earlier by TheCoinRise, the cryptocurrency and blockchain industry reached a significant milestone in February, with total funding for projects surpassing $90 billion.
Resurgence of Capital in the Crypto Space
Galaxy Digital is involved in contributing to other funds within the crypto landscape. Its recent contribution to a $75 million fund managed by VC firm 1kx targeting crypto-based consumer apps exemplifies its broader investment strategy.
The launch of Galaxy’s venture fund coincides with a resurgence of venture capital flowing into the crypto sector. March witnessed a significant uptick, with over $1.16 billion invested across 180 publicly announced deals, marking the highest monthly figure since April 2022.
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