What: In a vote of confidence for the metaverse and Web3, L’Oréal’s venture capital fund BOLD and the British Fashion Council are among participants in a $4 million funding round for French metaverse developer Digital Village.

Why it is important: This marks the beauty giant’s first venture capital investment in the metaverse and Web3 space.

Established in 2018, the Business Opportunities for L’Oréal Development fund, or BOLD, has invested in a range of disruptive start-ups including French biotech firm Microphyt, Sparty Inc., a Japanese firm focused on personalized beauty, and temporary tattoo-maker Prinker Korea Inc.

The Venture Reality Fund, Venrex and others also invested in Digital Village, billed as a “technology platform” devoted to emerging virtual worlds.

According to Evelyn Mora, founder and chief executive officer of Digital Village, technology is enabling “the next evolution of retail.” Digital Village wants consumers to “visit a 3D virtual world and come together for social experiences where brands can engage…in a more meaningful way.” In her view, virtual fashion, art and culture represent a “massive opportunity in what will be the largest disruption for commerce since the emergence of e-commerce platforms.”

L’Oréal invests in metaverse developer Digital Village