France Telecom and French advertising company Publicis have agreed to jointly set up a VC fund, Bloomberg reports quoting people with knowledge of the plan.
The fund, which will focus on investments in European technology start-ups, may reportedly reach…
France Telecom and French advertising company Publicis have agreed to jointly set up a VC fund, Bloomberg reports quoting people with knowledge of the plan.
The fund, which will focus on investments in European technology start-ups, may reportedly reach €100m and is likely to be divided equally between the telecoms incumbent and the advertising company.
According to the report quoting National Venture Capital Association and the European Venture Capital Association, US$22bn were invested in US ventures last year, compared to a mere US$4.9bn in Europe.
France Telecom has already invested in early stage companies through its VC arm, Innovacom.
France Telecom and Publicis declined to comment, but a person familiar with the situation said an announcement would be made at the beginning of November.
