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 little information is known, this new fund may be discussed in the coming days.

The Arnault group has invested heavily in Web3

Agacheago Arnault Groupwill create a fund dedicated to young projects developing cryptocurrencies up toat least 100 million eurosaccording to exclusive information from our partners at The Block.

The operation will be performed by Aglae Venturesthe venture capital firm specializing in technology investment and supported by Bernard ArnaultCEO and Managing Director of LVMH group.

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

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

In February, Bernard Arnault showed his doubts about some parts of Web3which states that LVMH is “ prevalent in the real world and that the band is not interested in ” sell virtual sneakers for 10 euros “. However, the group has previously proven that it is not regardless of blockchain technology.

👉 More: 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 partner Lazarus Gustavefounding member of FlamingoDAO and also a former operations manager within the Aave liquidity protocol.

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

Thus, he can smell the opportunities coming for the venture capital firm, as he has done in the past. Blockworks reports :

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

Among the sectors concerned with these different investments can be found in particular centralized finance as well as decentralized finance (DeFi), but also Web 3.0 infrastructurescalability solutions for networks and tools for developers.

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published in editions Larousse

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Source: The Block

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