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

July 25 (Bloomberg) -- Billionaire Michael Novogratz's Galaxy Asset Management unit has raised $113 million for its new venture fund that invests in early-stage startups focused on crypto software, infrastructure and financial applications, Bloomberg reported.

Galaxy Ventures Fund I LP will look to build a portfolio of about 30 investments. The fund has already put money into projects such as Ethena, Monad and Plume.Galaxy Digital Holdings said in a statement Thursday that the fund expects to continue to raise money to reach its $150 million goal by next year at the latest. Will Nuelle, the fund's other general partner, said the fund expects to invest between $3 million and $5 million per project, but the amounts could vary.

The digital asset firm's Galaxy Ventures has long invested $30 million to $50 million a year in a variety of crypto startups from Galaxy's own funds, focusing on areas such as infrastructure, decentralized finance and payments.Galaxy decided last year to incorporate the group into its asset management division and launch the open to outside investors Galaxy Ventures Fund I.