Key Takeaways
- • Galaxy Asset Management, an affiliate of Galaxy Digital Inc. (NASDAQ/TSX: GLXY), announced the final close of Galaxy Ventures Fund I, LP (GVF I) with over $175 million in capital commitments, exceeding its $150 million target.
- • GVF I is Galaxy Ventures' inaugural venture fund and targets early-stage companies building infrastructure and applications for the onchain economy, with a focus on stablecoins, payments, and tokenization.
- • Limited partners include institutional investors, family offices, and strategic digital asset businesses, according to the announcement.
- • Galaxy Ventures has backed more than 120 companies including balance sheet investments made since 2018, with current GVF I portfolio companies including 1Money, Arch Lending, Ethena, M^0, Monad, Plume, Rail, Rain, RedotPay, Ubyx, and Yellow Card.
- • The Galaxy Ventures team is led by Will Nuelle and Mike Giampapa, supported by a Ventures Platform function linked to Galaxy's blockchain infrastructure, lending, and trading businesses.
Summary
Galaxy Asset Management, an affiliate of Galaxy Digital Inc. (NASDAQ/TSX: GLXY), has announced the final close of its oversubscribed Galaxy Ventures Fund I, LP (GVF I). The fund closed with over $175 million in capital commitments, above its $150 million target, which the company attributed to strong investor demand for access to the digital asset venture ecosystem.
GVF I will invest in early-stage companies developing critical infrastructure and applications for the onchain economy. The strategy spans financialized applications, blockchain protocols, and software infrastructure. The fund specifically targets secular growth areas including stablecoins, payments, and tokenization, along with supporting infrastructure. According to the release, the fund represents a new chapter for Galaxy Ventures, which had previously invested from Galaxy's balance sheet since 2018.
The fund attracted a diverse group of limited partners, including institutional investors, family offices, and strategic digital asset businesses. Its existing portfolio includes 1Money, Arch Lending, Ethena, M^0, Monad, Plume, Rail, Rain, RedotPay, Ubyx, and Yellow Card, among others. Including historical balance sheet investments, Galaxy Ventures has backed more than 120 companies to date.
Mike Novogratz, Founder and Chief Executive Officer of Galaxy, said that closing a first fund above target "at a time when raising crypto venture is historically difficult showcases our team's unique edge in the market." The Galaxy Ventures team is headed by Will Nuelle and Mike Giampapa. Giampapa said the firm has "a front-row seat to the most novel concepts and products in crypto," pointing to payments, capital markets, and financial services as key adoption areas. The team is supported by a Ventures Platform function that provides in-house company-building resources and connectivity to Galaxy's global business lines. Galaxy reports a global workforce of more than 550 employees.
GVF I will invest in early-stage companies developing critical infrastructure and applications for the onchain economy. The strategy spans financialized applications, blockchain protocols, and software infrastructure. The fund specifically targets secular growth areas including stablecoins, payments, and tokenization, along with supporting infrastructure. According to the release, the fund represents a new chapter for Galaxy Ventures, which had previously invested from Galaxy's balance sheet since 2018.
The fund attracted a diverse group of limited partners, including institutional investors, family offices, and strategic digital asset businesses. Its existing portfolio includes 1Money, Arch Lending, Ethena, M^0, Monad, Plume, Rail, Rain, RedotPay, Ubyx, and Yellow Card, among others. Including historical balance sheet investments, Galaxy Ventures has backed more than 120 companies to date.
Mike Novogratz, Founder and Chief Executive Officer of Galaxy, said that closing a first fund above target "at a time when raising crypto venture is historically difficult showcases our team's unique edge in the market." The Galaxy Ventures team is headed by Will Nuelle and Mike Giampapa. Giampapa said the firm has "a front-row seat to the most novel concepts and products in crypto," pointing to payments, capital markets, and financial services as key adoption areas. The team is supported by a Ventures Platform function that provides in-house company-building resources and connectivity to Galaxy's global business lines. Galaxy reports a global workforce of more than 550 employees.
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