W3F is an investment group backing the blockchain ecosystem. We look for the next exponential networks — and we see open code, decentralisation and digital assets at the heart of them.
London, Paris and Luxembourg.
“The blockchain symbolises a shift in power from the centers to the edges of the networks.”
William Mougayar
As the crypto and AI ecosystems mature, so does our conviction that blockchain, decentralisation and open-source code will be fundamental building blocks of the economy. Code is re-architecting markets and acting as a catalyst for rapid innovation.
W3F acts as general partner, co-founder and equity partner across liquid funds, venture investments and operating companies — from on-chain asset management to a sterling stablecoin and the hardware behind AI.
Blockchain growth fund focused on decentralised cloud: storage, compute and finance.
General PartnerLiquid fundLuxembourg-regulated on-chain asset manager running market-neutral strategies for institutions.
Co-founderLiquid fundTokenised GBP — a British pound stablecoin backed 1:1 and issued by an FCA-registered firm.
Equity PartnerOperating companyData-storage infrastructure for AI workloads: the physical layer behind model training.
Direct investmentReal assetsEarly-stage blockchain investments since 2021, through the W3i fund and club deals with our LPs.
General PartnerVentureParis
After working in ad-tech for AOL and Nokia, Gonzague founded Madvertise and led its IPO on Alternext, ahead of its acquisition by Azerion in 2022.
He has been active in investing as a business angel, Partner at 50Partners and affiliate founding partner of True Global Ventures, one of the first global technology equity funds dedicated to blockchain. He holds an INSEAD Blockchain Technology certificate and studied at ICADE Madrid.
LinkedInLondon
Timothy is an entrepreneur and investor with more than 15 years in disruptive technologies. He sits on the advisory board of BCP Technologies, the issuer of Tokenised GBP (tGBP).
His background includes ten years in structured finance and modelling, as VP at Bear Stearns and Partner at Andante Capital. He focuses on security, the technology stack and token economics, and holds a Mathematics degree from the University of Edinburgh.
LinkedInA blockchain growth fund for decentralised cloud services.
“Imagine if you could own a piece of the internet infrastructure and earn passive income every time an email is sent or a video is streamed.”
W3index
We believe the market is at an inflection point: blockchain-based infrastructure can now deliver cheaper, more secure and sovereign alternatives to traditional cloud services.
W3index concentrates on three layers — decentralised storage, compute and finance. With networks able to serve hundreds of millions of users and real-world adoption building, the fund is positioned to capture value as this ecosystem expands.
Belem Capital — on-chain asset management for institutional investors.
Liquid, market-neutral strategies that earn on-chain yield regardless of market direction.
Belem Capital applies established market activities — liquidity provision, lending and borrowing, and arbitrage — to blockchain infrastructure, aiming for consistent, low-volatility returns uncorrelated with digital-asset prices.
Institutions increasingly treat regulated stablecoins as a cash-management tool. Belem gives them access to DeFi-native yield inside a Luxembourg regulatory framework, with fiat-based accounting and reporting and no private keys or smart-contract operations to manage.
Strategies are available through registered fund structures in several jurisdictions and through segregated managed accounts.
Visit belemcapital.comTokenised GBP — the British pound, on-chain.
A sterling stablecoin backed 1:1 by cash and cash equivalents, live since May 2025.
tGBP gives exchanges, payment providers and institutions a GBP-denominated asset that settles in minutes, around the clock, across eight blockchains.
Eligible businesses mint tGBP by sending GBP from a UK bank account and can redeem at any time. Reserves are attested monthly by independent auditors and the smart contracts are audited by OpenZeppelin.
Visit tokenisedgbp.comA liquid GBP route for exchanges and payment providers moving customers between bank money and digital assets.
Move sterling value across supported networks without rebuilding the currency leg on each chain.
A sterling purchase and settlement asset for tokenised funds, bonds and money-market funds.
The sterling settlement leg for remittance corridors, with local partners handling payout and FX.
Storage infrastructure for the AI build-out.
“GPUs have emerged as the pick and shovel of the AI gold rush, transforming from gaming hardware into essential infrastructure for the digital age.”
G. de La Tournelle
Artificial intelligence has grown explosively, and modern data storage sits at the centre of it. Systems once built for file retention and archiving now ingest, manage and deliver massive datasets at the speed and scale that model training demands.
As organisations process ever-larger volumes of unstructured data, storage capacity becomes a direct accelerator of AI development and deployment. W3F invests in the physical layer that makes this possible.
Early-stage blockchain investments since 2021.
“Has the Internet changed our lives? Have mobile phones changed our lives? The blockchain is something that is that transformative.”
Brock Pierce
W3F began investing in early-stage blockchain projects in 2021 and launched a dedicated venture fund, W3i, in 2022, focused on decentralised finance, gaming and blockchain infrastructure. The fund is fully deployed and has started returning liquidity to its investors.
We continue to back new projects alongside our limited partners through club deals.