Reece Cox, aged 24, was killed outside the Clifton pub in Sedgley just before midnight on Saturday and was pronounced dead at the scene.
It is believed he stepped in to protect another man who was being attacked.
Tributes have continued to pour in for the 24-year-old – both online and at the scene – with family and friends describing him as "lovely" and a "gentle giant".
The fundraising page was set up in the aftermath of the attack to help raise money for Mr Cox's son, with his family having been left "devastated" by the incident.
It was set up to help give his four-year-old son a "day to remember" due to the youngsters not going to see his father "come through that door again".
A statement on the GoFundMe page said: "As many people know on August 15 Reece Cox, 24, had his life taken from him in a brutal attack outside the Clifton pub in Sedgley.
"Reece was trying to do the right thing and stop these individuals attacking another person who Reece didn't know.
"He passed away at the scene from a severe head injury. He was just 24 years old. Leaving his partner and their little boy without his daddy.
"Everyone that new Reece knew he was a lovely young man wouldn’t hurt anyone – his family is devastated by this incident.
"For a little boy who is not going to see his daddy come through that door again I’m taking to this to raise money so his little boy can have a lovely day out some where he wants to go or even little holiday."
A total of 490 different people have donated to the cause who have branded Mr Cox a "hero" and offered their condolences to the family.
One person, who donated, said: "RIP Reece. I've known him since I was one or two. He was a true friend and will not be forgotten. Thinking of his family and friends at this unfortunate time."
Another added: "My love and thoughts go out to his family and friends. We went to the same primary and secondary school and anyone who knew him then, knew how much joy and laughter he gave us and the teachers."
Meanwhile, investigations into the attack have led to four men, in their 20s and from across the Dudley borough, being arrested on suspicion of murder.
Detective Inspector Laura Harrison, from the West Midlands Police homicide unit, said the latest arrest was a "significant" development but said officers were still working to arrest further suspects.
She said: "We believe others were involved and I would urge them to get in touch so we can discuss what happened.
"We know who these suspects are and they are not doing themselves any favours by refusing to cooperate. We will catch up with them so I would urge them to hand themselves in for questioning."
Anyone with information can contact the police via Live Chat at west-midlands.police.uk or by calling 101, quoting crime number 20DY/194445N/20.
Alternatively, contact Crimestoppers anonymously on 0800 555111 or at crimestoppers-uk.org