Venture capital fund launched by France Telecom and Publicis
Some €150 million is to be put into a venture capital fund.
France Telecom and media group Publicis are to launch a venture capital fund that will finance entrepreneurs in the digital economy.
Some €150 million (£129 million) is being pumped into the initiative, while the two parties are hoping to attract more investors with business negotiations so they can attract a further €150 million.
Three distinct areas will be looked at; early-stage investment, later-stage financing and eventually start-ups outside of Europe.
Stephane Richard, the chief executive officer of France Telecom - which had sales of €45.5 billion in 2010 - noted for "far too long" there has not been an ecosystem "to link young companies together with larger groups, research centres and government systems".
He hopes this new project will provide the necessary connections required by businesses.
Mr Richard continued by saying the scheme offers his company the opportunity to be part of some major growth plans, while also complimenting its current research and development programme.
Posted by Edel Quinn
Source: France Telecom press release, November 7th