Bernard Arnault invests heavily in the world of crypto and Web3. According to what the media Block announced, it would be about to dedicate an envelope of 100 million euros to crypto startups and Web3 through its investment fund, Aglaé Ventures.
In recent months, we have witnessed a general decline in the financial markets. However, this does not seem to be holding back investment funds that continue to invest in companies in the crypto market. Aglaé Ventures, a venture capital company backed by Bernard Arnault, boss of LVMH, is about to launch a 100 million euro fund in Web3.
Aglaé Ventures’ reputation precedes it. This investment fund benefits from remarkable legitimacy in the world of business and finance. He has already supported major groups in the Tech and digital sector, such as Airbnb, Netflix, Slack, etc. In addition, the support of Bernard Arnault, majority shareholder of the LVMH group, will make it possible to hope for significant financing.
Aglaé Ventures, Bernard Arnault’s investment fund supporting Web 3
Aglaé Ventures is a Parisian venture capital company directly supported by the luxury giant, LVMH, which would embark on the crypto adventure. According to the media Block, the investment fund would have succeeded in raising 100 million euros. The crypto winter and the recession in the global economy would not have stopped investors from spending large sums in this universe. Some even see it as a golden opportunity to get started and make great profits in the coming years. Like Bloom Capital, which invested $432 million in companies specializing in crypto last January, as well as Cherry Ventures, which invested $34 million to help develop the sector.
ICYMI: Arnault-backed VC firm Aglaé Ventures to launch €100 million web3 fund: sourceshttps://t.co/2bDtU0WNYs
— The Block (@TheBlock__) August 3, 2022
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An astonishing decision on the part of Bernard Arnault
This decision may seem surprising, especially because skeptical statements by Bernard Arnault about of Web3 at the beginning of the year. However, the tide has turned, it is now important to look into the question, given that it is a promising area with great potential.
Result of this decision? Major recruitment projects are planned by the investment fund to help it better understand the issues related to this field. That said, Vanessa Grellet, formerly of CoinFund and Consensus, and Jordan Lazaro Gustave, former chief operating officer of AAVE, have joined the company to lead the division in charge of 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 specialist to manage their investments in the field “.
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A news still not confirmed
Aglaé Ventures, as well as Vanessa Grellet, still did not confirm the news when The Block journalists contacted them. However, a tangible element confirms this news. Indeed, FlowDesk succeeded in raising 30 million dollars from Aglaé Ventures at the start of the year. However, as part of this investment, the name of the company was not disclosed at the time of the closing of the transactions. Pending further formalization, the investment made in FlowDesk appears as a dress rehearsal before definitively launch into the world of web3 for the investment fund led by the 3rd fortune in the world.
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