MEXCGalaxy Digital Raises $113 Million For Crypto CV Fund, Targets $150M
Highlights
- Galaxy Digital raises $113 million for new crypto VC fund.
- The company plans to target startups based on software and infrastructure.
- This points to increased institutional investment in the crypto space.
Mike Novogratz Galaxy Digital has raised $113 million for a new crypto asset venture capital fund that invests in industry startups and technology. The company noted that the new fund targets a fundraising goal of up to $150 million with focused areas on infrastructure. This comes following increased investor appetite for digital assets as the sector rebounds.
Novogratz Galaxy Digital Raises Capital For VC Fund
Mike Novogratz Galaxy Digital has raised $133 million for a new VC fund targeting early start-ups leveraging on crypto software, Bloomberg reported. The Galaxy Venture Fund has already invested in Monad, Ethena, etc, and seeks to partner with 30 crypto firms. At the moment, the company intends to invest between $3 to $5 million per project while opening its doors to new investors.
Galaxy Digital has pumped in between $30 million to $50 million annually to crypto companies and has now moved the asset management division alongside the Galaxy Venture Fund. A unique feature of this fund is open to outside investors increasing cooperation and market depth. In April, the company set an initial $100 million goal for the fund pointing at investments over the next three years.
Mike Wursthorn, Galaxy Communications Officer explained the decision to allow outside partners. “For years, we’ve been putting our capital behind these innovators. Now we’re launching Galaxy Ventures Fund I LP to partner with outside investors, allowing us to continue fueling the digital asset ecosystem by backing promising early-stage ventures.”
Recently, Galaxy has announced both stand-alone and investment into funds in the crypto space.
Also Read: RBI, SEBI Collaborate To Develop India Crypto Policy, Paper Due In Q3
Web3 Attracts More Investment
This year has recorded heightened institutional investment in the market following the approval of spot Bitcoin ETFs. The status quo is due to the increased prices of crypto assets and surging decentralized finance (DeFi) activities. At press time, BTC trades at $64,246, a massive increase from last year although it remains behind its all-time high above $73,000.
In Q2 2024, crypto VC funds attracted $3.2 billion, Galaxy Digital wrote despite falling prices from Q1 2024.
Also Read: Peter Schiff Warns Bitcoin and Crypto Crash, July FOMC Meet To Turn Tables?
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