Galaxy Ventures announces the completion of a $113 million fundraising

ChainCatcher news, according to Bloomberg, billionaire Michael Novogratz's Galaxy Asset Management has raised $113 million for its new venture fund, which invests in early-stage startups focused on crypto software, infrastructure, and financial applications.

Galaxy Ventures Fund I LP aims to build a portfolio consisting of about 30 investments. The fund has already invested in projects such as Ethena, Monad, and Plume. Galaxy Digital Holdings stated in a press release on Thursday that the fund expects to continue raising capital, with a target of reaching $150 million by next year at the latest. Will Nuelle, another general partner of the fund, mentioned that the fund expects to invest between $3 million and $5 million in each project, although the amounts may vary.