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

Billionaire Michael Novogratz’s Galaxy Asset Management unit has raised $113 million for a venture fund investing in early-stage startups focused on crypto software, infrastructure and financial applications.

The Galaxy Ventures Fund I LP will seek to build a portfolio of approximately 30 investments. It has already poured money into projects including Ethena, Monad and Plume. The fund expects to continue fundraising to reach a $150 million target next year at the latest, New York-based Galaxy Digital Holdings said in a statement Thursday.

The digital-asset firm’s Galaxy Ventures has long invested between $30 million and $50 million a year ...