Former Coatue Management exec co-founds new venture firm aiming to raise up to $500 million: report

Michael Gilroy, former head of fintech at the crypto-friendly investment company Coatue Management, is co-founding a new venture capital firm, reports Bloomberg citing a person familiar with the matter. 

Gilroy is working alongside Gokul Rajaram, tech investor and current board member of the crypto exchange Coinbase, to raise up to $500 million for the firm's first fund. The duo are discussing a capital raise with anchor investors, but fundraising won't formally begin until 2025. 

Though Gilroy and Rajaram have not named their new company yet, it will focus on investing in United States-based early-stage financial tech and software firms, Bloomberg's reporting continues. 

In addition to serving as Coatue's fintech head, Gilroy was also the firm's co-chief operating officer of growth and general partner for over four years, according to his LinkedIn . 

Headquartered in New York City, Coatue Management's portfolio of tech firms spans entertainment, retail, transportation and crypto, among other sectors. In June, a Coatue-managed fund invested $150 million in the bitcoin miner Hut 8 to help it expand into the artificial intelligence infrastructure market, The Block previously reported.