Bernard Arnault invests heavily in the world of crypto and Web3. According to what the media Block announced, it would be ready to dedicate an envelope of 100 million euros to crypto startups and Web3 through its investment fund, Aglaé Ventures.
In recent months, we have seen a general decline in the financial markets. However, this does not seem to be deterring investment funds that continue to invest in companies in the crypto market. Aglaé Ventures, a venture capital firm backed by Bernard Arnaultthe head of LVMH, is ready to launch a fund of 100 million euros in Web3.
Aglaé Ventures’ reputation precedes it. This investment fund benefits from exceptional legitimacy in the world of business and finance. He has already backed large groups in the technology and digital sector, such as Airbnb, Netflix, Slack, etc. In addition, the support of Bernard Arnault, the main shareholder of the LVMH group, will make it possible to hope for significant financing.
Aglaé Ventures, Bernard Arnault’s investment fund that backs Web 3
Aglaé Ventures is a Parisian capital company directly backed by the luxury giant, LVMH, which will embark on the crypto adventure. According to the media lock, the investment fund would have managed to collect 100 million euros. Crypto winter and recession in the global economy would not stop investors from spending huge sums in this universe. Some even see it as a golden opportunity to start and make big profits in the coming years. Both Bloom Capital, which invested $432 million in crypto companies last January, and Cherry Ventures, which invested $34 million to help develop the sector.
ICYMI: Arnault Aglaé Ventures-backed VC firm to launch €100m fund web3: sourceshttps://t.co/2bDtU0WNYs
— The Block (@TheBlock__) August 3, 2022
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A surprising decision on the part of Bernard Arnault
This decision may seem surprising, especially because Bernard Arnault’s skeptical statements about of Web3 at the beginning of the year. However, the tide has changed, it is now important to consider the question, as it is a promising area with great potential.
The result of this decision? Major recruiting projects are planned by the investment fund to help it better understand issues related to this field. That said, Vanessa Grellet, formerly of CoinFund and Consensus, and Jordan Lazaro Gustave, former COO of AAVE, have joined the company to lead the division responsible for cryptocurrency investments. In May, Vanessa Grellet explained “that Aglaé Ventures is very successful in Web2, but seeing the excitement around Web3, they wanted to hire someone who is specialists to manage their investments in this field “.
A news not yet confirmed
Aglaé Ventures, as well as Vanessa Grellet, were yet to confirm the news when contacted by The Block reporters. However, a tangible element confirms this news. Indeed, FlowDesk managed to raise $30 million from Aglaé Ventures earlier this year. However, as part of this investment, the name of the company was not disclosed at the time of closing of the transactions. Pending further formalization, the investment made in FlowDesk appears as a trial run before The ultimate entry into the world of web3 for the investment fund led by the 3rd wealth in the world.