Galaxy Ventures Secures $113 Million for Crypto Innovation Fund

• Galaxy Ventures raises $113M to invest in early-stage crypto companies, aiming for a $150M target.
• The fund was led by Nuelle and Giampapa to build a diverse portfolio in digital asset innovation.
• Over 100 companies, including Ethena and Monad, are already backed by Galaxy’s new venture fund.

Galaxy Asset Management, led by Michael Novogratz, has raised $113 million for Galaxy Ventures, a new fund targeting early-stage investments in the crypto sector. This funding initiative has garnered interest from institutional allocators, family offices, and high-net-worth individuals since the second quarter of this year.

The venture fund aims to reach a $150 million target by continuing its fundraising efforts into next year. The substantial interest from institutional investors highlights a growing confidence in the digital asset sector. Galaxy Ventures plans to invest in approximately 30 companies focusing on digital asset innovation, emphasizing crypto protocols, software infrastructure, and financialized applications.

Galaxy Ventures focuses on supporting cutting-edge technologies and companies in the digital asset sector. Chris Ferraro, the Chief Investment Officer of Galaxy, highlighted the importance of investing in pioneering founders and technologies. He noted that since 2018, investing in and supporting innovative founders and companies has been a core part of Galaxy’s mission.

The venture fund is led by General Partners Will Nuelle and Mike Giampapa. Their expertise and proven track record are expected to attract more institutional investors looking to capitalize on the next wave of growth in the digital asset sector. “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,” Ferraro added.

Galaxy Ventures aims to build a diverse portfolio, expanding its existing investments in digital asset companies. The fund has already invested in over 100 portfolio companies, including Ethena, M^0, Monad, and Plume. 

General Partner Will Nuelle outlined the fund’s goals: 

“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.”