Michael Novogratz’s Galaxy Raises $113 Million for New Crypto Venture Fund

Billionaire Michal NowogratzGalaxy Asset Management unit raises $113 million for venture capital fund that invests in early-stage startups crypto financial software, infrastructure and applications.

Galaxy Ventures Fund I LP will seek to build a portfolio of about 30 investments. It has already put money into projects such as Ethena, Monad and Plume. The fund expects to continue raising funds to reach its goal of $150 million by next year, New York-based Galaxy Digital Holdings said in a statement on Thursday.