Galaxy Asset Management has raised $175 million for its new Galaxy Ventures Fund I, which will support blockchain and cryptocurrency startups.
Objectives of the New Galaxy Ventures Fund I
Galaxy Ventures Fund I (GVF I) plans to invest in about 30 startups over the next 18 to 24 months. The focus will be on projects in key areas of the digital economy, such as stablecoins, decentralized finance (DeFi) protocols, payment systems, and development tools.
Funding Sources
While the firm has not disclosed the names of its backers, it is known that the funding has come from a mix of corporate investors, strategic partners, family offices, and other sources. GVF I will also allocate funds for ongoing support to its portfolio companies during their fundraising rounds.
Resurgence of Capital in Crypto Investments
The launch of Galaxy’s fund coincides with an increase in investments in the crypto sector. In March 2024, a significant rise was noted, with over $1.16 billion invested across 180 deals, marking the highest level since April 2022.
Galaxy Asset Management continues to actively develop its investment strategies, supporting startups in the blockchain and crypto space, highlighting the growing interest in Web3 innovations.
