Orange sets up venture fund to back mobile and digital start-ups
Works with advertising agency Publicis to support European companies in mobile and online markets such as commerce and content
Published: 7 November, 2011
READ MORE: France | Orange | Venture Capital
France Telecom-Orange is working with advertising agency Publicis Group to launch a venture capital fund to support digital media start-ups, with a particular focus on mobile web firms.
The two partners have committed to invest €150m between them in the fund to finance digital economy start-ups, and will invite other investors to join them, with a target of reaching €300m in total. The main targets will be companies in France or the wider European Union, which are focused on mobile content and services, and on gaming, social networks, commerce and marketing across mobile and online platforms. They will also be interested in start-ups in the areas of enabling technology such as middleware, cloud computing, security and payments.
Seed capital and early stage investment will be invested up to €1m, while later stage funding will be in chunks of up to €15m. These activities will be confined to Europe, but the group could also participate in later rounds for non-EU start-ups, if it could US or Asian partner funds.
Details of the fund's operations will be released at a later date. "French investment capital has been suffering for far too long from the absence of a solid ecosystem to link young companies together with larger groups, research centers and government systems," said France Telecom CEO Stephane Richard in a statement. "This is a surging growth market and it's an important challenge: our job will be to contribute to the emergence of tomorrow's leaders. From the point of view of France Telecom-Orange, the new fund complements our investments in R&D, as well as creating a terrific opportunity to be present at the birth of growth projects."
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