According to BlockBeats, Brevan Howard Digital, the crypto division of global asset management giant Brevan Howard, and Galaxy Digital, a crypto company founded by billionaire Mike Novogratz, have each invested $10 million in the third fund of crypto incubator Alliance. The information was revealed through a slideshow from an Alliance limited partners meeting. The third fund of Alliance plans to raise an additional $80 million before July, bringing the total fund size to $100 million. The fund is expected to invest $500,000 in each startup.
This is the first time Brevan Howard Digital has invested in Alliance, while Galaxy Digital has previously participated as a major LP in Alliance's second fund. Since its establishment in 2020, Alliance has nurtured over 200 startups. Its first fund supported well-known projects such as Arbitrum, Immutable X, and Axie Infinity.
The fundraising for Alliance's third fund coincides with signs of a recovery in crypto financing after two years of downturn. Last month, the total amount of crypto venture capital financing reached its highest level in 18 months, touching $1.4 billion. Under this trend, several institutions including Paradigm, Hack VC, and Hivemind Capital are also raising or have completed the raising of new funds. This indicates that institutional confidence in the crypto startup track is recovering.