Web3: France has its first dedicated fund

Global venture capital firm Cathay Innovation and French fintech unicorn Ledger have teamed up to launch a seed fund dedicated to Web3 – the country’s first-ever fund dedicated to the sector.

With a target size of €100 million, the Ledger Cathay Capital fund will invest in Web3 entrepreneurs around the world, from building blockchain and decentralized finance projects to developing new cryptocurrencies. Web3 generally refers to blockchain-based technology and companies that champion decentralization, as opposed to centralized platforms like Facebook and Google.

The strategy is backed by French public investment bank BpiFrance. The fund, led by Cathay Innovation co-founder Denis Barrier, Ledger CEO and chairman Pascal Gauthier and Michael Louzado, vice president of strategy, mergers and acquisitions and corporate at Ledger, will issue checks ranging from $500,000 at 4 to 5 million dollars. A majority of the fund – around 60% – will be invested in seed or Series A opportunities, with the rest kept for follow-on investments.

“Over the next 15 years, we will see the tokenization of everything as blockchain transforms existing asset classes with programmability, trust, security and digital ownership – but this cannot happen in silos,” Barrier said.

Cathay Innovation was an early investor in Ledger, the crypto-security platform that secures 20% of the world’s cryptocurrencies, NFTs and tokens. Ledger has already made six direct investments in startups, which will also be managed by the Ledger Cathay Capital team. It is not uncommon for large tech companies to invest directly in companies or have their own venture capital arms; A prime example is Stripe, based in the US.

Cathay Innovation, which manages over $1.5 billion in assets, is a multi-tiered global venture capital and subsidiary of the private equity group Cathay Capital. Over the past six years, the group has invested in 19 unicorns, including Owkin and Getaround.

“Together with Ledger Cathay Capital, we want to help crypto and Web3 builders by providing access to our unique digital security ecosystem, and by supporting the construction of our security technology platform, thanks to the technical know-how of more than 700 blockchain experts and distribution channels to scale the innovative, secure and decentralized services of tomorrow,” says Gauthier.

Investors are increasingly turning to Web3 investment opportunities globally, with well-known venture capitalists rushing to launch products dedicated to the region, such as Andreessen Horowitz, who announced a $4.5 billion web3 and crypto fund last month

Earlier this year, Binance, the world’s largest cryptocurrency exchange, pledged to help develop Web3 projects in France, through the Station F incubator, as part of a $100 million capital injection. euros in the country.

Other funds in France have also targeted investments in the Web3 space, such as Alven, which closed its latest flagship fund earlier this month, raising €350m. Alven has set up a program to identify and train people in Web3 called Operation3. The program helps those working in Web2 learn more about Web3 and then matches them with technology companies for jobs.

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Web3: France has its first dedicated fund


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