Orange, Google partner to finance start-ups
Orange has partnered with Google through Orange Digital Ventures (ODV), the Group’s corporate venture fund in financing the best start-ups.
Through this partnership, Google will leverage ODV’s sourcing of start-ups to explore on the start-ups opportunities for co-investments in Europe, the Middle East and Africa.
Orange Digital Venture fund is a 350 million euro ($409 million) venture capital fund. The two company’s will jointly assess investment opportunities in industries like network connectivity, cybersecurity, cloud, artificial intelligence (AI) and financial technology
Speaking on the new partnership, Stéphane Richard, Chairman and CEO of Orange said, “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,”
On the other hand, Carlo d’Asaro Biondo, EMEA President of Google Partnerships said, “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,”
This cooperation around financing will be extended by regular coordination meetings between the management teams of the two groups to examine investment opportunities around these start-ups and to accelerate the dynamics of open innovation at Orange.
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