Galaxy Interactive raises another $ 325 million fund for Metaverse and next-gen games

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

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

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

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

Englebardt describes the interactive industry as “the intersection of content, finance and technology” and believes it will lead to tremendous growth. The company has a particular focus on digital collectibles and the metaverse, as Englebardt believes digital ownership through NFTs is a fundamental pillar for a more immersive version of the internet.

Mike Novogratz, founder and CEO of Galaxy Digital, said the two general partners saw the potential of the industry early on:

“They [Englebardt and Kim] were the first people to hit my desk insisting that games and digital objects – which weren’t even called ‘NFT’ yet – would offer the greatest opportunity for blockchain technology to evolve and that Galaxy Digital had to specialize in this space. “

Related: Bitfury CEO Confirms IPO Considerations Part of Expansion Plans

Money is pouring into the industry with Bitkraft Ventures, one of the biggest investors in gaming and esports startups, which launched a token $ 75 million fund earlier this month focused on blockchain games. 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 capital fund for crypto startups.

In June, Andreessen Horowitz raised his third crypto fund, at a valuation of $ 2.2 billion, making it the largest venture capital fund ever.

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