Galaxy Ventures, the venture arm of Galaxy Digital led by Mike Novogratz, has successfully raised $175 million for its first external crypto fund, surpassing its initial $150 million target. Known as Galaxy Ventures Fund I, the fund will invest in around 30 early-stage startups focused on stablecoins, payments infrastructure, and blockchain-based developer tools. The oversubscribed raise, including a $113 million first close in mid-2024, reflects growing institutional interest in foundational crypto technologies despite a broader VC downturn. Galaxy aims to bridge traditional finance and digital assets, signaling long-term confidence in Web3 innovation and the next wave of blockchain-based financial infrastructure.