Crypto venture fund Galaxy Ventures could hit a $180M fundraise: Report

Michael Novogratz’s Galaxy Ventures Fund I LP is set to close in June, aiming to raise around $175 million to $180 million. The fund will invest in approximately 30 crypto and blockchain startups, particularly focusing on payments and stablecoins. It has already surpassed its initial fundraising goal of $150 million, despite a challenging environment for crypto venture capital. Crypto VC investments in 2024 remained below the levels seen in 2022, indicating a slowdown. VC funding in America has dropped, with a shift towards AI investments. Global crypto VC funding saw a high in Q1 2025, but a large portion was due to a single investment in Binance. Galaxy Ventures Fund I had an initial close in June 2024 at $113 million, with investments in projects like Ethena and Monad. Novogratz remains optimistic about crypto and Bitcoin's role in a new financial system. He believes Bitcoin acts as a report card on financial stewardship, especially in times of uncertainty.