Galaxy's new fund successfully raised $175 million in funding, marking its first acceptance of external capital

ChainCatcher news, according to Fortune, Mike Novogratz's Galaxy is expanding its venture capital business with a $175 million fund. On Thursday, the company announced that the fund has completed its final fundraising, exceeding the initial target of $150 million.

It is reported that this is Galaxy's first acceptance of external capital, but the company still serves as the anchor investor for the fund with its own funds, acting as both a limited partner in the fund and holding general partner rights. As a company that went public on Nasdaq in May, Galaxy's new fund also provides retail investors with a rare opportunity to participate in a crypto venture capital portfolio.