Galaxy Asset Management has secured $113 million for a new venture fund aimed at investing in early-stage startups in the crypto sector. This fund will focus on companies developing crypto software, infrastructure, and financial applications.

Led by Galaxy Digital, a crypto bank founded by Michael Novogratz, the new fund is set to support early-stage firms involved in crypto protocols, software, and financial applications. Announced on July 25, Galaxy Asset Management revealed that the fund attracted investments from institutional allocators, family offices, and high-net-worth individuals, with fundraising commencing in Q2. The company aims to continue fundraising into the next year, targeting a $150 million goal.

“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,” said Steve Kurz, Galaxy Digital’s global head of asset management.

The fund is led by General Partners Will Nuelle and Mike Giampapa. They plan to focus on firms that drive digital asset innovation and enable financial institutions, startups, and markets to engage with onchain technologies. The goal is to build a portfolio of around 30 investments.

Galaxy Digital is not alone in ramping up its venture strategies as the crypto market shows signs of recovery. In late April, another crypto VC firm, Pantera Capital, announced plans to raise over $1 billion for a new fund targeting blockchain assets. In June, Paradigm, another crypto-focused VC firm, raised $850 million for its third fund focused on early-stage crypto projects.

For more updates and news on the latest in cryptocurrencies, investing, and finance, visit Global Crypto News.

Post Views: 8