Galaxy Asset Management raises $113 million for its new venture fund
Galaxy Asset Management has raised $113 million for its new risk fund, which invests in early-stage startups focused on cryptocurrency software, infrastructure, and financial applications. Galaxy Ventures Fund I LP will seek to establish a portfolio of about 30 investments. The fund has already invested in projects such as Ethena, Monad, and Plume. Galaxy Digital Holdings stated in a statement on Thursday that the fund is expected to continue fundraising and reach its target of $150 million by next year at the latest. Will Nuelle, another general partner of the fund, said that each project is expected to receive an investment of $3-5 million, but the amount may vary.
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