Galaxy Interactive raises another $325 million investment fund for Metaverse and next-gen games

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

The fund will focus on virtual and augmented reality technologies, artificial intelligence and blockchain-based games.

In an Oct. 19 statement, Galaxy Interactive's principal owner, Galaxy Digital, said $150 million in the fund had been allocated to new investments including Republic, 1047 Games, Elodie, ROAR, Art Blocks, and Masterworks. The combined company and other additional investments will be announced in the coming months.

Founded in 2018 by general partners Sam Englebardt and Richard Kim, the firm currently manages more than $650 million in assets and has invested in more than 75 companies.

Englebardt described the interactive space as "the intersection of content, finance and technology" and believes it will drive considerable growth. Englebardt believes that digital ownership through NFTs is a fundamental pillar of a more immersive internet, so the company is focusing specifically on digital collectibles and the Metaverse.

If you, like Richard Kim and I, fundamentally believed that younger generations were collectively moving from the physical to the digital world, what would you invest in?

May you live in interesting times...

— Sam Englebardt (@samenglebardt) October 19, 2021

Galaxy Digital founder and CEO Mike Novogratz said the two general partners saw potential in the space early on:

"They (Englebardt and Kim) were the first to remind me of their insistence that games and digital items -- which were not even called 'NFTs' at the time -- would offer the greatest opportunity for blockchain technology to scale, Galaxy Digital needs to focus on this area."

Funds are flowing into the space, with Bitkraft Ventures, one of the largest investors in gaming and esports startups, launching a $75 million token fund earlier this month focused on blockchain games and digital entertainment.

Outside of the interactive content, it was reported today that Multicoin Capital plans to raise $250 million for a third venture fund targeting crypto startups by the end of 2021.

In June, Andreessen Horowitz raised $2.2 billion for its third crypto fund, making it the largest cryptocurrency venture fund ever.

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