July 25, 2024
Galaxy Asset Management, led by Michael Novogratz, has successfully raised $113 million for Galaxy Ventures. This fund is dedicated to investments in early-stage firms in the realms of crypto protocols, software infrastructure, and financial applications.
Project | Latest Raise | Latest Raise Date | Category |
|---|---|---|---|
Galaxy Digital Holdings | $113M | July 25, 2024 | Investment |
Since the beginning of its fundraising in this year's second quarter, Galaxy Digital Holdings' affiliate has drawn the attention of institutional allocators, family offices, and individuals with high net worth. Given the growing interest of institutional investors in the digital asset sector, Galaxy anticipates that its fundraising efforts will persist into the following year, aiming for a $150 million target.
Chris Ferraro, Galaxy's CIO, stated that from its inception in 2018, Galaxy has been committed to investing in and supporting pioneering technologies, founders, and companies in the digital asset space. He added that by accepting external capital, they can offer their knowledge, experience, and established success to institutional investors who are keen to participate in the upcoming growth wave.
Galaxy Ventures plans to broaden its investments in companies that are innovating in the digital asset space. As per the recent announcement, the venture capital fund, led by General Partners Will Nuelle and Mike Giampapa, aims to establish a portfolio of around 30 investments in digital asset firms.
Success for this fund, as defined by General Partner Will Nuelle, would be achieved if Galaxy Ventures has backed teams that have made global payments more affordable and quicker, expanded access to financial markets, and developed new foundational infrastructure for the financial internet-of-value, all while delivering exceptional returns to their investors, by the end of the fund's lifespan.
The venture capital fund has already made investments in over 100 portfolio companies, which include Ethena, M^0, Monad, and Plume.
About Galaxy Ventures
Galaxy Ventures is an investment arm of Galaxy Digital Holdings, focusing on protocols, solutions, decentralized finance (DeFi), and web3 infrastructure. The venture capital fund aims to build a portfolio of approximately 30 investments in digital asset companies. The fund is led by Galaxy Ventures General Partners, Will Nuelle and Mike Giampapa.
The fund’s goal is to support teams that make global payments cheaper and faster, expand access to financial markets, and design new base layer infrastructure for the financial internet-of-value. They believe that the next generation of the Internet will incorporate a permissionless financial layer, providing people with autonomous access to economic and communal opportunities.
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