Mike Novogratz’s Galaxy Ventures Fund I is set to raise past its $150 million target despite headwinds for crypto venture capital.
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.
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