Google has teamed up with French telecommunications firm Orange through its corporate venture fund to invest in start-ups in Europe, the Middle East and Africa.
Orange said that its 350 million euro ($409 million) venture capital fund, called Orange Digital Ventures, would jointly assess investment opportunities in industries like network connectivity, cybersecurity, cloud, artificial intelligence (AI) and financial technology.
It added that the partnership with Google could lead to potential synergies and commercial partnerships between the two companies.
“We are very proud to announce this partnership which will enable start-ups supported by Orange Digital Ventures to explore potential co-investment opportunities with Google. Through this partnership, we stand to reinforce Orange Digital Ventures’ ”Smart Money“ value-proposition by offering entrepreneurs with whom we work much more than just financing,” said Stéphane Richard, Chairman and CEO of Orange.
“We are delighted to support Orange’s ecosystem of start-ups and innovation and to explore alongside them opportunities for co-investment in Europe, Africa and the Middle East (EMEA). Orange’s ecosystem is consistent with Google’s know-how and our ability to accelerate the growth of start-ups. This partnership is a way to enhance our collective contribution to innovation in this region,” said Carlo d’Asaro Biondo, EMEA President of Google Partnerships.
