Billionaire Mike Novogratz’s crypto firm Galaxy Digital is reportedly planning to invest more than $100 million into digital asset startups.
According to a new report by Bloomberg, Galaxy Digital’s new Galaxy Ventures Fund I LP has so far raised $113 million to benefit startups focusing on crypto software, infrastructure and financial applications.
The venture capital fund, a part of the company’s Galaxy Ventures unit, aims to raise a total of $150 million and invest in about 30 different startups.
Galaxy has previously invested in startups for years using its own resources, ranging between $30 million and $50 million annually. The new venture fund allows outside entities to invest in the portfolio.
Says Galaxy’s general partner Mike Giampapa,
“Our macro view is blockchains will be utilized to settle the majority of transactions. It’s a one-, two-decade transition that we are betting on.”
The venture capital fund generally intends to invest between $3 million and $5 million per project, according to the report.
Galaxy Ventures says it has invested in more than 100 companies to date, including Ethena, Monad and Plume.
Says Steve Kurz, Galaxy’s global head of asset management.
“This fund will strengthen our commitment to fostering innovation in the digital asset space, enabling us to back visionary startups and gain unparalleled insights into the emerging technologies that will shape both our company and the future of finance.”
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The post Billionaire Mike Novogratz Raises $113,000,000 for Galaxy Digital’s New Crypto Venture Fund: Report appeared first on The Daily Hodl.