LAKE (LAK3) Raises $12.4M to Transform the Water Industry

LAKE (LAK3), a blockchain-powered company committed to revolutionizing the global water industry, has secured $12.4 million in investment. Artaize Invest, EMB Venture Capital, business angel Michel Audeban, and members of the MSM family office all contributed to the investment. 

This includes $3 million from its Private Sale and $9.4 million in its ongoing second round. The funds will be used to expand operations globally and to launch the LAK3 token.

The company has formed strategic partnerships with Wolverhampton Wanderers FC, as well as premium water sources such as Sembrancher in Switzerland and Zilia in Corsica, enabling LAKE to bridge the gap between real-world water sources and the Web3 space.

Founded with a mission to reshape the way people engage with the water economy, LAKE has made significant strides this year. The successful $3 million Private Sale saw backing from a diverse group of investors, including business angels, entrepreneurs, and family offices. This investment has supported LAKE’s workforce expansion, the opening of a new operations hub in Dubai, and the establishment of key partnerships.

Jean-Hugues Gavarini, CEO of LAKE, expressed gratitude for the support received during the Private Sale, emphasizing how the funding lays the groundwork for the company’s global expansion and development. “We’re confident these steps bring us closer to our vision of making the water economy accessible to everyone,” he said.

The second funding round, which began in late August, has exceeded its soft cap of $6.5 million and is now approaching its $12 million hard cap. The funds will help LAKE scale its operations, launch the LAK3 token, expand its supply chain, and grow its global presence.

Kris Badinga-Sousatte, Managing Partner at EMB Venture Capital, praised LAKE’s innovative approach to the water sector, highlighting the project’s potential to set new industry standards.

Michel Audeban, a Business Angel investor, noted, “LAKE’s approach empowers stakeholders, turning passive consumers into active participants and creating remarkable new opportunities that were previously unimaginable.”

Recently, LAKE was named one of the Top 10 Laureates for the Web3 Oscars, an award recognizing blockchain projects aligned with the United Nations’ Sustainable Development Goals. The ceremony will take place in Bangkok on November 11, 2024.