Galaxy Interactive, an offering of Galaxy Digital, continues to provide the largest set of interactive sector-focused venture funds, with $650 million in combined assets under management
NEW YORK, Oct. 19, 2021 /CNW/ - Galaxy Digital Holdings Ltd. (TSX: GLXY) ("Galaxy Digital") today announced that its affiliate, Galaxy Interactive (or "the Company"), already the largest franchise dedicated to the interactive sector, has raised a fund with $325 million of committed capital, with participation from over 70 new LPs, including institutional investors, endowments, strategic investors, and family offices. Galaxy Interactive is the second fund in a growing product suite of multi-LP fund offerings within Galaxy Digital Asset Management ("GDAM"), the asset management arm of Galaxy Digital. Galaxy Digital has $2.2 billion in assets under management as of September 30, 2021.
Led by General Partners Sam Englebardt and Richard Kim, Galaxy Interactive was established by Galaxy Digital in 2018 to fill a gap in funding available to companies in the "interactive" sector, which the Company defines as the intersection of content, finance, and technology. Of the $325 million raised, nearly $150 million has already been invested and/or earmarked for new portfolio companies. These new companies will join Galaxy Interactive's existing portfolio of over 60 interactive companies, including Mythical Games, Genvid, Immutable, GreenPark, Current, StockX, and Bad Robot Games, among others.
Said Englebardt, "We launched this franchise three years ago around one core question – what would you invest in if you believe, as Richard and I so fundamentally do, that younger generations are moving en masse from the physical to the digital world? Today, the implications of that question present themselves everywhere, in so many fascinating ways and through the utilization of revolutionary technologies. There has never been a better time to focus on the intersection of content, finance and tech, and we're fully dedicated to leading the charge in growing this sector."
Investments from the new fund that have been publicly announced include Republic, 1047 Games, Elodie, ROAR, Art Blocks and Masterworks, with several other completed investments slated to be announced over the coming months.
Mike Novogratz, Founder and CEO of Galaxy Digital added, "The prescience Sam and Richard have had with respect to this sector has been uncanny. They 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. Fortunately, we listened, as the companies in the portfolio they've built and the pipeline they've created are going to have a profound impact on both the real and digital worlds."
Galaxy Digital retains an LP interest in both Galaxy Interactive fund offerings.
About Galaxy Interactive
Galaxy Interactive, an offering of Galaxy Digital, is a stage-agnostic venture fund focused on companies operating at the intersection of content, finance and technology. Led by General Partners Sam Englebardt and Richard Kim, Galaxy Interactive has been amongst the most active videogame and blockchain investors in the world since its inception in 2018, with $650 million in AUM across its two funds and investments in more than 75 companies.
About Galaxy Digital
Galaxy Digital (TSX: GLXY) is a technology-driven financial services and investment management firm that provides institutions and direct clients with a full suite of financial solutions spanning the digital assets ecosystem. Galaxy Digital operates in the following businesses: Trading, Asset Management, Principal Investments, Investment Banking, and Mining. Galaxy Digital's CEO and Founder is Mike Novogratz. The Company is headquartered in New York City, with offices in Chicago, San Francisco, London, Amsterdam, Tokyo, Hong Kong, the Cayman Islands (registered office), and New Jersey. Additional information about the Company's businesses and products is available on www.galaxydigital.io.
The TSX has not approved or disapproved of the information contained herein.
This press release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian and United States securities legislation including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical or current fact, included herein, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. Forward-looking statements in this press release relate to, among other things, the Company's ability to realize anticipated transaction benefits and the Company's ability to achieve its business objectives. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions, and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise. Many factors, both known and unknown, could cause actual results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, the risks identified in the Company's annual information form dated April 8, 2020 and available on SEDAR at www.sedar.com . Readers should not place undue reliance on the forward-looking statements and information contained in this release. The Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.