VC Fund Dossiers

Aglae is essentially Bernard Arnault's tech investment arm masquerading as a standalone VC - which is both their superpower and their Achilles heel. They have stupid money (LVMH backing means they can write big checks without blinking), phenomenal brand access through the luxury ecosystem, and a track record that includes some absolute bangers. But here's the catch: they're not really building a venture brand, they're executing family office investment strategy. The team is solid but small, and while Antoine brings decent deal flow, this isn't Sequoia-level pattern recognition. If you need growth capital and can benefit from luxury/premium brand connections, they're golden. If you want hands-on operational support or deep sector expertise, look elsewhere.

They've delivered 20%+ annual returns since 2014 with portfolio value exceeding SEK 7B, but here's the reality: they rebranded from Bonnier Ventures to Bonnier Capital to signal they're moving upmarket to bigger, later-stage deals. The 'we're different because we're not a fund' pitch is real - they have patient capital from the 200-year-old Bonnier media empire. They lead fewer deals than average but exit more often, suggesting they're selective but effective. The Bonnier Group network can genuinely open doors, especially in media and Nordic markets. However, team is only 6 people for a portfolio this size, so don't expect hand-holding.

Felix has 11 unicorns in their portfolio including MUBI, Pigment, and Castore, with major exits like Deliveroo acquired by DoorDash for $3.86B in May 2025. This is the real deal — they called Peloton, Farfetch, and Goop when others thought they were crazy for focusing on 'lifestyle brands.' They famously missed Glossier and passed on Revolut because it wasn't in their core focus areas at the time, which shows both discipline and the cost of being hyper-focused. They're clear on what they want and act fast when they find it, preferring to build relationships early and long before any transaction. As a small focused firm, every investment matters, making them more aligned with founders. The trade-off: if you're not building a 'visual-first brand that shapes culture,' they're probably not your people.