Galaxy Asset Management, led by billionaire Michael Novogratz, has raised $113 million for its latest cryptocurrency venture fund, named Galaxy Ventures Fund I LP. This new fund aims to provide crucial capital to early-stage crypto startups, particularly those focused on developing innovative cryptocurrency software, infrastructure, and financial applications.
The key figures behind this initiative are Galaxy Asset Management and Michael Novogratz, a prominent investor in the crypto space. Galaxy has a solid track record with investments in notable protocols such as Ethena and Monad. The fund is designed to invest in approximately 30 companies, with an ongoing fundraising goal to reach $150 million by 2025. Mike Giampapa, a general partner at Galaxy, expressed confidence in the long-term potential of blockchain technology, predicting it will become the foundation for most of the world’s payment settlements within the next two decades.
The $113 million has already been raised, and Galaxy aims to hit the $150 million target by 2025. Investments from this fund will commence immediately, with individual projects receiving between $3 million and $5 million each.
Galaxy Ventures Fund I LP will strategically invest in early-stage startups that are innovating within the cryptocurrency space. This includes projects developing new cryptocurrency software, infrastructure, and financial applications. The fund’s objective is to identify and support the next significant crypto protocols and applications, providing a substantial financial boost to startups in a field that has seen a recent decline in venture capital interest due to the surge in AI investments.
The creation of Galaxy Ventures Fund I LP marks a significant move in the renewed interest of venture capital in the crypto sector. This trend is also reflected in Paradigm’s recent $850 million raise for its third fund focused on early-stage crypto and blockchain startups, and Pantera Capital’s ongoing efforts to secure over $1 billion for a new fund launching in April 2025. These initiatives signal a broader shift back towards crypto investments as venture capitalists recognize the sector’s long-term potential.
The $113 million fund from Galaxy Asset Management represents a vital source of funding for emerging crypto startups. It is poised to drive innovation and development within the sector, potentially leading to the creation of the next major blockchain protocols. With a strong belief in blockchain’s future role in global transactions, Galaxy’s substantial investment highlights the growing confidence and financial commitment to the advancement of cryptocurrency and blockchain technology. This resurgence in VC interest could catalyze significant growth and evolution within the industry.
