Michael Novogratz’s Galaxy Ventures Fund I LP is expected to raise around $175 million to $180 million by the end of June to build a portfolio of 30 crypto and blockchain startups.
According to an April 17 Bloomberg report citing people familiar with the matter, the fund — which has had a focus on payments and stablecoins — has surpassed its goal of raising $150 million.
The fund closing above target comes at a time when crypto venture capital is thin on the ground despite an industry-friendly administration in the United States.
Earlier this year, Novogratz’s firm reported that 2024 was also a tough year for crypto VC despite potential market drivers such as Bitcoin ETFs, the memecoin craze, and AI agents, which it said were “not particularly suited to venture capital.”
Venture capitalists invested $11.5 billion into crypto