TechFlow news, on July 25, according to Bloomberg, billionaire Michael Novogratz's Galaxy Asset Management has raised $113 million for a new cryptocurrency venture fund focused on early-stage crypto software, infrastructure, and financial applications. Named Galaxy Ventures Fund I LP, the fund plans to build a portfolio of around 30 investments and has already backed projects including Ethena, Monad, and Plume.
Galaxy Digital Holdings stated that the fund is expected to continue fundraising, aiming to reach its target of $150 million next year. The company has previously invested between $30 million and $50 million annually in various crypto startups, focusing on areas such as infrastructure, decentralized finance, and payments.
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