Galaxy Asset Management Raises $113 Million for Galaxy Ventures

Michael Novogratz’s Galaxy Asset Management has successfully raised $113 million for Galaxy Ventures, a fund focusing on early-stage investments in crypto protocols, software infrastructure, and financialized applications.

The affiliate of Galaxy Digital Holdings attracted institutional allocators, family offices, and high-net-worth individuals since fundraising commenced in the second quarter of the year.

A statement from Galaxy reveals that, due to growing interest from institutional investors in the digital asset sector, it anticipates ongoing fundraising efforts into next year, aiming for a target of $150 million.

“From the very beginning, successfully investing in and supporting founders, technologies, and companies at the forefront of digital asset innovation has been central to Galaxy’s mission since 2018,” stated Galaxy CIO Chris Ferraro.

Ferraro added, “By taking on external capital, we can extend our expertise, experience, and proven track record to institutional investors eager to tap into the next wave of growth.”

The fund aims to augment Galaxy Ventures’ investments in digital asset innovation. According to the announcement, the venture capital fund plans to create a portfolio of approximately 30 investments in digital asset companies, led by Galaxy Ventures General Partners Will Nuelle and Mike Giampapa.

Nuelle expressed, “If we get to the end of the fund life and Galaxy Ventures has supported teams making global payments cheaper and faster, teams expanding access to financial markets, and teams designing new base layer infrastructure for the financial internet-of-value, all while making our investors elite returns, that is how I would define success for this fund.”

As of the latest updates, Galaxy Ventures has already invested in over 100 portfolio companies, including Ethena, M^0, Monad, and Plume.