The venture capital firm will fund companies in the interactive sector that combine content, finance and tech.
Galaxy Interactive, a risk capital firm targeted on next generation interactive technology, has proclaimed it’s raised $325 million for its second fund from seventy completely different investors.
The fund is concentrated on virtual and increased reality, artificial intelligence, and blockchain-based games.
In an Oct. 19 announcement, Galaxy Digital, the bulk owner of Galaxy Interactive, explicit that $150 million from the fund has already been allotted to new portfolio corporations together with Republic, 1047 Games, Elodie, ROAR, Art Blocks and Masterworks with different extra investments to be proclaimed in coming months.
Established in 2018 by general partners guided missile Englebardt and Richard Kim, the corporate currently has more than $650 million in assets below management and has invested with in additional than 75 corporations.
Englebardt describes the interactive sector as “the intersection of content, finance and tech” and believes it’ll drive considerable growth. The firm is notably targeted on digital collectibles and also the Metaverse, as Englebardt believes digital possession via NFTs could be a foundational pillar for a additional immersive version of the web.
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.”
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Money is flowing into the sector with Bitkraft Ventures, one among the most important investors in game and eSports startups launching a $75 million token fund earlier this month centered on blockchain play and digital amusement.
Outside of interactive content, reports surfaced today that Multicoin Capital intends to raise $250 million by the top of 2021 for a 3rd venture fund geared toward crypto startups.
In June, Andreessen piano player raised its third crypto fund, at a $2.2 billion valuation, creating it the biggest-ever crypto venture fund.
(cointelegraph)