French investment firm Group Arnault, owned by billionaire investor Bernard Arnault, has expanded its portfolio yet again, investing an undisclosed amount into UK online music startup Peoplesound.com. Arnault established Europ@web last month, a web venture fund of some 500m euros ($516m), of which auctioneer QXL.com Ltd and start-up fashion retail site Boo.com Ltd have already been beneficiaries. Arnault also owns stakes in music firm MP3.com Inc and pan-European internet service provider Libertysurf. When Peoplesound launches it will provide an outlet for unsigned bands to have their music published online, while making money selling CDs and taking advertising.
