Galaxy Interactive raises another $325M fund aimed at Metaverse and next gen games

Oct 20, 2021 | CoinTelegraph News | 0 comments

The venture capital firm will fund companies in the interactive sector that combine content, finance and tech.

Galaxy Interactive, a venture capital firm focused on next generation interactive technolo, has announced it has raised $325 million for its second fund from 70 different investors.

The fund is focused on virtual and augmented reality, artificial intelligence, and blockchain-based games.

In an Oct. 19 announcement, Galaxy Digital, the majority owner of Galaxy Interactive, stated that $150 million from the fund has already been allocated to new portfolio companies including Republic, 1047 Games, Elodie, ROAR, Art Blocks and Masterworks with other additional investments to be announced in coming months.

Established in 2018 by general partners Sam Englebardt and Richard Kim, the company now has more than $650 million in assets under management and has invested in more than 75 companies.

Englebardt describes the interactive sector as “the intersection of content, finance and tech” and believes it will drive considerable growth. The firm is notably focused on digital collectibles and the Metaverse, as Englebardt believes digital ownership via NFTs is a foundational pillar for a more immersive version of the internet.

Mike Novogratz, Founder and CEO of Galaxy Digital, said the two general partners had seen the potential of the sector very early on:

“They [Englebardt and Kim] were the first people to pound my desk insisting that gaming and digital objects — which weren’t even called ‘NFTs’ yet — would provide the biggest opportunity for blockchain technology to scale and that Galaxy Digital needed to specialize in this space.”

Related: Bitfury CEO confirms IPO considerations are part of expansion plans

Money is flowing into the sector with Bitkraft Ventures, one of the biggest investors in game and eSports startups launching a $75 million token fund earlier this month focused on blockchain gaming and digital entertainment.

Outside of interactive content, reports surfaced today that Multicoin Capital intends to raise $250 million by the end of 2021 for a third venture fund aimed at crypto startups.

In June, Andreessen Horowitz raised its third crypto fund, at a $2.2 billion valuation, making it the biggest-ever crypto venture fund.

News Source from CoinTelegraph.com

Related Articles

Shiba Inu Grows 33% In One Day As Whales Load Up On SHIB

Shiba Inu Grows 33% In One Day As Whales Load Up On SHIB

Shiba Inu has been on the rebound since this week opened up for trading. The meme coin had not had the best of weeks as it had dipped to the $0.00003 range following the market crash. The dips have caused some to panic and question the viability of the cryptocurrency...

FTX.US adds support for Ethereum-based NFTs to its marketplace

FTX.US adds support for Ethereum-based NFTs to its marketplace

After hinting that this feature would come soon, the U.S.-based crypto exchange FTX.US now allows users to buy, sell and display Ethereum NFTs on its previously Solana-only non-fungible token (NFT) marketplace.  According to a tweet from the exchange, Wednesday marks...

Pin It on Pinterest

Share This