Galaxy Ventures Fund I, managed by billionaire Mike Novogratz, is on track to raise up to $180 million to support early-stage crypto and blockchain startups focusing on payments and stablecoins.
Fund Goals and Achievements
The fund has already surpassed its initial $150 million target and is expected to close with between $175 million and $180 million by the end of June. Galaxy has not disclosed specific figures, and a company spokesperson declined to comment.
Investment Portfolio
Galaxy Ventures Fund I invests in early-stage companies building infrastructure and financial tools for the crypto economy. Its current portfolio includes synthetic dollar issuer Ethena, stablecoin-focused DeFi protocol M^Zero, layer-1 blockchain Monad, asset tokenisation chain Plume, and Renzo, which supports Ethereum restaking via EigenLayer.
Overall Market Conditions for Crypto Investments
Despite the successful fundraising efforts, the overall state of the cryptocurrency sector remains challenging, with U.S. crypto venture deals falling 22% in Q1 2025 to approximately $1.3 billion. Investor focus has shifted to artificial intelligence, which absorbed 58% of global VC dollars during the same period.
Galaxy Ventures Fund I continues to attract investor attention with a focus on promising startups in the crypto economy, despite existing market challenges.
