Mike Novogratz's Galaxy Ventures Fund Surpasses $150 Million Goal

Mike Novogratz’s Galaxy Ventures Fund I LP has exceeded its initial fundraising goal of $150 million, with expectations to close between $175 million and $180 million by the end of June, according to a Bloomberg report. The fund, which focuses on early-stage startups with an emphasis on payments and stablecoins, is closing at a time when venture funding in the crypto industry remains challenging. Galaxy Ventures, which has historically invested between $30 million and $50 million annually from its own resources, has opened this new fund to outside investors, primarily family offices and high-net-worth individuals. Additionally, Galaxy recently received approval for a direct listing on the Nasdaq stock exchange, with trading anticipated to commence following a shareholder meeting in May.