The fund invests in companies that are building an onchain future across crypto protocols, software infrastructure, and financialized applications.
Galaxy Asset Management, an affiliate of Galaxy Digital Holdings Ltd (TSX: GLXY) and one of the world's largest digital assets and blockchain investment managers, today announced an initial close of $113 million for Galaxy Ventures Fund I LP, a venture capital fund focused on investing in early-stage companies across cryptoprotocols, software infrastructure, and financialized applications.
This new fund has attracted institutional allocators, family offices, and high-net-worth individuals since fundraising started in the second quarter of this year. Given the additional interest from institutional investors, Galaxy expects to continue fundraising into next year and reach, if not exceed, the fund's $150 million target.
The fund will expand upon Galaxy Ventures' time-tested thesis: Investing in companies that engineer digital asset innovation and enable financial institutions, startups, and markets to participate in the onchain future. The team's goal is to build a portfolio of approximately 30 investments in the most promising digital asset companies. Led by General Partners Will Nuelle and Mike Giampapa, the fund is supported by Galaxy's diverse business lines and builds on the firm's extensive history of investing balance sheet capital in innovative blockchain infrastructure companies.
"From the very beginning, successfully investing in and supporting founders, technologies, and companies at the forefront of digital asset innovation has been central to Galaxy's mission since 2018,"
said Chris Ferraro, President and Chief Investment Officer of Galaxy.
"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."
To date, Galaxy Ventures has invested in more than 100 portfolio companies. Investments from the new fund include Ethena, M^0, Monad, and Plume, among others.
"Galaxy Ventures' successful first close is a vote of confidence in Galaxy's active, risk-based approach to investing,"
said Steve Kurz, Global Head of Asset Management at Galaxy.
"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."
"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,"
said Will Nuelle, General Partner of Galaxy Ventures.
Galaxy Ventures directly supports its portfolio companies through a dedicated Venture Platform that leverages Galaxy's broader business lines to provide unique value-added services. These services include capital markets support, hands-on product feedback, and brand building. With over 450 employees globally, Galaxy offers unparalleled connectivity and technical expertise that enables us to secure strategic deal allocations and support portfolio companies by understanding key technological shifts across crypto infrastructure and financial services.
SOURCE Galaxy Digital Holdings Ltd.
CONTACT: Investor Relations Contact: Jonathan Goldowsky, [email protected]; Media Relations Contact: Michael Wursthorn, [email protected]