ChainCatcher reported that according to Bloomberg, billionaire Michael Novogratz's Galaxy Asset Management division has raised $113 million for its new venture fund, which invests in early-stage startups focusing on encryption software, infrastructure and financial applications.

Galaxy Ventures Fund I LP will seek to build a portfolio of about 30 investments. The fund has invested in projects such as Ethena, Monad and Plume. Galaxy Digital Holdings said in a statement on Thursday that the fund expects to continue raising funds and reach its $150 million target by next year at the latest. Will Nuelle, another general partner of the fund, said the fund expects to invest $3 million to $5 million per project, but the amount may vary.