Bernard Arnault’s investment fund will invest 100 million euros in Web3

The venture capital company Aglaé Ventures, backed by the LVMH group and Bernard Arnault, plans to invest 100 million euros in promising Web 3.0 and cryptocurrency projects. Although the information is still little known, it could be that this new fund will be talked about in the days to come.

https://cryptoast.fr/fonds-investment-bernard-arnault-invest-100-millions-euros-web3/

The Arnault group invests heavily in Web3

Agacheformerly Arnault Groupwill develop a fund dedicated to young projects evolving in cryptocurrencies up toat least 100 million eurosaccording to exclusive information from our colleagues at The Block.

The operation will be carried out via Aglae Venturesthe venture capital firm specializing in technology investments and supported by Bernard ArnaultCEO and Managing Director of LVMH group.

According to several sources close to the company, the amount deployed will be between 100 and 110 million euros. Usually, the financial arm of the group invests in a range of 100,000 to 100 million euros.

For information, Aglaé Ventures has in the past invested in multiple successful projects such as Netflix, Spotify, airbnb or Devialet. Last June, the company took a first step into cryptocurrencies by participating in a round table for the French company Flowdesk alongside Ledger, Coinbase and Sébastien Borget (The Sandbox).

Last February, Bernard Arnault had shown his skepticism concerning some facets of Web3stating that LVMH was “ widely in the real world and that the band wasn’t interested in ” sell virtual sneakers for 10 euros “. However, the group has already proven in the past that it is not indifferent to blockchain technology.

👉 To go further: What is Web3, this decentralized version of the Internet?

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Aglaé Ventures, future leader of Web3?

Last May, we learned that vanessa grellet joined Aglaé Ventures alongside Lazaro Gustavefounding member of FlamingoDAO and also a former operations manager within the Aave liquidity protocol.

Vanessa Grellet, for her part, benefits from a long experience at ConsenSysthe parent company of MetaMask walletas well as within the investment fund specializing in crypto CoinFund.

Thus, she had already sniffed out the opportunities to come for the venture capital firm, as she had then been able to. report to Blockworks :

“This venture capital firm had great success in the Web2 space, but they saw a lot of things happen in the Web3 space and wanted to hire a specialist to manage this part of their investments. We will both have a lot of operational experience to help founders and take them from zero to one. »

Among the sectors concerned by these various investments will be found in particular centralized finance as well as decentralized finance (DeFi), but also Web 3.0 infrastructurescalability solutions for networks and tools for creators.

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Source: The Block

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