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Mike Novogratz Galaxy Digital has raised $113 million for a new crypto asset venture capital fund that invests in industry startups and technology. The company noted that the new fund targets a fundraising goal of up to $150 million with focused areas on infrastructure. This comes following increased investor appetite for digital assets as the sector rebounds.
Novogratz Galaxy Digital Raises Capital For VC Fund
Galaxy Digital has pumped in between $30 million to $50 million annually to crypto companies and has now moved the asset management division alongside the Galaxy Venture Fund. A unique feature of this fund is open to outside investors increasing cooperation and market depth. In April, the company set an initial $100 million goal for the fund pointing at investments over the next three years.
Recently, Galaxy has announced both stand-alone and investment into funds in the crypto space.
Web3 Attracts More Investment
In Q2 2024, crypto VC funds attracted $3.2 billion, Galaxy Digital wrote despite falling prices from Q1 2024.