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

Galaxy Interactive, a venture capital company that focuses on next-generation interactive technology, announced it had raised $325m from 70 investors for its second fund.

The fund’s focus is on virtual and augmented realities, artificial intelligence, blockchain-based games, and other related areas.

Galaxy Digital, majority owner of Galaxy Interactive announced Oct. 19 that $150 million had already been allocated from the fund to new portfolio companies, including Republic, Elodie and ROAR. Additional investments will be made in the coming months.

The company was founded in 2018 by Sam Englebardt, general partner, and Richard Kim. It now manages more than $650 millions in assets and has invested in over 75 companies.

Englebardt refers to the interactive sector as “the intersection between content, finance and technology” and expects it to drive significant growth. Englebardt is particularly focused on digital collectibles, the Metaverse and digital ownership via NFTs. This is because he believes that digital ownership via NFTs will be a foundational pillar to a more immersive internet.

https://t.co/ZcivfAllE2 What would you invest in if you believe, as @galaxyRTK and I so fundamentally do, that younger generations are moving en masse from the physical to the digital world? You live in exciting times… @galaxyRTK @novogratz
— Sam Englebardt (@samenglebardt) October 19, 2021

Mike Novogratz is the founder and CEO of Galaxy Digital. He said that the general partners saw the potential of this sector early on.

“They [Englebardt] and Kim were the first to insist on gaming and digital objects, which weren’t even called NFTs yet, being the greatest opportunity for blockchain technology scale and that Galaxy Digital had to specialize in this area.”

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Bitkraft Ventures is one of the largest investors in eSports startups and game development. It launched a token fund worth $75 million earlier this month, focusing on digital entertainment and blockchain gaming.

Multicoin Capital plans to raise $250 million for a third venture fund that focuses on crypto startups, according to reports.

Andreessen Horowitz raised its 3rd crypto fund in June at a valuation of $2.2 billion, making it the largest-ever crypto venture capital fund.

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