Galaxy Digital to launch $100 million fund for early-stage crypto companies

Galaxy Digital Holdings creates $100 million fund for early-stage cryptocurrency startups, CoinDesk reported today, citing an email to the company’s investors.

Galaxy Ventures Fund I, LP, will inject more than $1 million into each of 30 startups over three years, with a focus on “financial applications, software infrastructure and crypto protocols,” according to the report .

Galaxy’s decision to create a new fund for early-stage digital asset companies comes amid a resurgence of funding rounds in the cryptocurrency sector. Crypto startups raised around $3.1 billion in the fourth quarter of 2023, up from $1.7 billion in the previous quarter, according to public data cited by Blockworks.

“We are excited to build on our successful track record of investing in digital asset companies and blockchain infrastructure,” Mike Wursthorn, Galaxy’s head of communications, told The Block in a statement. “For years, we have been putting our own capital behind these innovators. We are now launching Galaxy Ventures Fund I LP to partner with outside investors, allowing us to continue fueling the digital asset ecosystem by backing promising companies in startup.”

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