France Tel partners for $400m tech fund

Michael Carroll
13 Mar 2012
00:00

France Telecom today became the second European telco to detail plans for a digital venture capital fund in the space of a week, revealing partnerships that establish a pot of at least €300 million ($394.5 million) for tech firms.

The telco is teaming with Publicis Groupe and Iris Capital Management to create the fund, which will immediately provide up to $19.7 million per project to established French and European firms, and non-European start ups. The trio plans to also bring online a seed capital fund for early-stage companies in France and Europe, which will make up to €3 million available per project.

Stéphane Richard, chairman and chief executive of France Telecom, hailed the project – named OP Ventures - as “a pioneer in its field,” and claimed it will “encourage the emergence of future leaders of the digital economy.”

France Telecom and Publicis Groupe will each own a 24.5% stake in the venture capital firm, with the remaining 51% held by Iris Capital Management.

The news comes less than a week after rival Telefonica revealed plans to provide research funding to 30,000 young people in its European markets. The scheme will provide up to £300 (€358) per person and includes training and mentoring by Telefonica staff. The operator will also award up to £2,500 in second round funding to the projects it judges to be the best.

Related content

Comments
No Comments Yet! Be the first to share what you think!
This website uses cookies
This provides customers with a personalized experience and increases the efficiency of visiting the site, allowing us to provide the most efficient service. By using the website and accepting the terms of the policy, you consent to the use of cookies in accordance with the terms of this policy.