Galaxy Interactive raises $325 million more for Metaverse and next-generation gaming.

The venture capital business will invest in interactive firms that integrate content, money, and technology.

Galaxy Interactive, a venture capital firm focusing on next-generation interactive technology, has announced that it has secured $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.

Galaxy Interactive is a subsidiary of Galaxy Digital, a publicly-traded, diversified merchant bank focused on digital assets and blockchain technology. We invest throughout the interactive environment and are ideally positioned to assess possibilities at the crossroads of gaming, web3, and open finance.

Galaxy Digital, the majority owner of Galaxy Interactive, announced on Oct. 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 months.

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 confluence of content, money, and technology, and believes it will generate significant development.

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 the two general partners recognized the sector’s potential early on:

They [Englebardt and Kim] were the first to pound my desk, claiming that gaming and digital goods which weren’t even termed ‘NFTs’ at the time would give the greatest potential for blockchain technology to grow and that Galaxy Digital ought to focus in this sector.

Bitkraft Ventures, one of the largest investors in in-game and eSports businesses, launched a $75 million token fund earlier this month focused on blockchain gaming and digital entertainment.

Aside from interactive material, rumors circulated today 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.