A fund from 100 to 110 million euros for Bernard Arnault’s web3

In a context of setbacks for the cryptocurrency industry, companies in the value chain are struggling to raise capital. In a report released last month, digital industry data and content provider The Block Research said that at the end of the second quarter, venture capital funding for blockchain companies was down 22% from the first quarter. This has gone from 12.5 billion US dollars to 9.8 billion US dollars. This is the first time since 2020 that the Blockchain field has suffered such a setback. Faced with this observation, Aglaé Ventures wants to offer an alternative : a fund of about 100 million euros for web3.

After web2, a new challenge for Aglaé in web3?

This was reported by several anonymous sources close to Aglaé Ventures, the venture capital company backed by the French billionaire Bernard Arnault The block that the company is preparing to launch a fund worth between 100 and 110 million euros. The fund’s objective is to stimulate the development of crypto and web3 startups, through quality support.

Globally, the latter are bearing the brunt of the crisis in the cryptocurrency market and are finding it increasingly difficult to raise capital. Only Europe is resisting this trend. Contrary to other regions, fundraising for companies in the sector grew by 25% in the last quarter.

The Aglaé Ventures fund will specifically target centralized and decentralized startups, investments in web3 infrastructures, level 1 and 2 scalability specialists, etc., ensure the sources.

The venture capitalist was a major web2 lender. It has also supported giants like Airbnb, Netflix, Slack, and Spotify. Its first foray into the cryptocurrency industry was via a $ 30 million funding round for cryptocurrency maker Flowdesk.

By embarking on this new adventure, Aglaé Ventures certainly seeks to take up new challenges, to establish itself in web3 as it did in web2, but above all to be at the forefront of tomorrow’s technology.

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Luc Jose Adjinacou avatar

Luc José Adjinacou

Far from dulling my enthusiasm, a fruitless investment in a cryptocurrency in 2017 only increased my enthusiasm. I therefore decided to study and understand the blockchain and its multiple uses and to transmit information relating to this ecosystem with my pen.

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