Cryptocurrencies

Michael Novogratz’s Galaxy Raises $113 Million for a New Crypto Venture Fund

Firm will continue to fund raise to meet $150 million target
Will seek to build a portfolio of approximately 30 investments

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By Olga Kharif

July 25, 2024 at 10:42 AM UTC

This article is for subscribers only.

Billionaire Michael Novogratz’s Galaxy Asset Management unit has raised $113 million for a venture fund investing in early-stage startups focused on crypto software, infrastructure and financial applications.

The Galaxy Ventures Fund I LP will seek to build a portfolio of approximately 30 investments. It has already poured money into projects including Ethena, Monad and Plume. The fund expects to continue fundraising to reach a $150 million target next year at the latest, New York-based Galaxy Digital Holdings said in a statement Thursday.