Galaxy Interactive Raises an Additional $325 Million for Metaverse and Next-Gen Gaming

Kavya  |  Oct 20, 2021

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

The fund is primarily interested in virtual and augmented reality, artificial intelligence, and blockchain-based gaming.

A Venture Capital Firm, Galaxy Interactive Raises $325 Million

Galaxy Digital, the majority of Galaxy Interactive announced on October 19 that $150 million from the fund has already been allocated to new portfolio companies such as Republic, 1047 Games, Elodie, ROAR, Art Blocks, and Masterworks, with additional investments to be announced in the coming month. 

Founded in 2018 by general partners Sam Englebardt and Richard Kim, the firm presently manages over $650 million in assets and has invested in over 75 startups. 

Englebardt refers to the interactive industry as the “intersection of content, finance, and tech” and believes it will generate significant development. 

Sam Englebardt thinks that digital ownership via NFTs is a basic pillar for a more immersive version of the internet, therefore, the business is especially focused on digital collectibles and the Metaverse. 

Mike Novogratz, Founder, and CEO of Galaxy Digital stated that ṭwo general partners recognized the sector’s potential 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.”

Bitkraft Venture Capital Launch $75 Million Investment Fund For Blockchain Gaming

Bitkraft Venture, one of the largest investors in gaming and esports and businesses launched a $75 million token fund focusing on blockchain gaming and digital entertainment earlier this month. 

Aside from interactive material, rumors circulated on Wednesday that Multicoin Capital plans to raise $250 million for a third venture fund focused on crypto companies by the end of 2021.

Andreessen Horowitz established its third crypto fund in June, valued at $2.2 billion, making it the largest-ever crypto venture fund.

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