Mike Novogratz’s Galaxy Ventures Fund on track to raise $180m for crypto startups

The Mike Mike Novogratz I LP billionaire fund is on the right track to collect up to $ 180 million by June to support cryptography and blockchain startups at the start of the stage, emphasizing payments and stablecoins.

According to anonymous sources cited in a Bloomberg of April 17 reportThe fund has already exceeded its initial target of $ 150 million and should end between $ 175 and $ 180 million.

The final fence is scheduled for the end of June. Galaxy did not make public figures and a spokesperson refused to comment.

Galaxy Ventures Fund I invests in companies in the start -up phase to build infrastructure and financial tools for the cryptographic economy. Its current portfolio includes the ETHENA synthetic dollar transmitter, the DEFI protocol focused on the stable M ^ zero, the layer of layer 1 blockchain, the tokenization chain of active ingredients Plume and Renzo, which supports Ethereum Repking via Eigenlayer.

The fund had its first fence in June 2024, when Galaxy Asset Management announced that she had lifted $ 113 million. At the time, the firm said that the venture capital fund would target construction startups for cryptographic, software and financial applications.

“This fund will strengthen our commitment to promoting innovation in the space of digital assets,” said Steve Kurz, a world official of Galaxy assets, in a press release in July, “allowing us to support visionary startups and gain unequaled information on emerging technologies that will shape both our business and the future of finance.”

Led by the general partners Will Nuelle and Mike Giampapa, the fund aims to build a portfolio of around 30 investments focused on institutions and startups to participate in the onchain economy.

Galaxy’s venture capital operations have already been moved under its asset management division before the launch of this fund. Its strong progress in fundraising occurs despite wider opposite winds in the sector, where Crypto VC activity was slow to recover.

At first sorting dropped by 22% In annual sliding at around $ 1.3 billion, according to Pitchbook. A large part of the capital has moved to artificial intelligence, which absorbed 58% of the world’s dollars in VC during the same period.

A February report Of the analysis company stressed how careful the market has become. Although Bitcoin reached $ 100,000 at the end of 2024, the median sizes of transactions in Crypto VC had dropped almost 90% since 2018.

At the time, Robert Le De Pitchbook said that the days of capital lifting with just a white paper were over, the founders of today needing “a significant quantity of traction or something other than a technical white paper”.

Nevertheless, hoped for a rebound in 2025 and projected more than $ 18 billion in venture capital to move in the crypto.