France Telecom-Orange, Publicis and Iris Capital Management have confirmed the launch of a European venture capital investment initiative for the digital economy with funds totalling more than €300m (US$393.3m).
Orange and international…
France Telecom-Orange, Publicis and Iris Capital Management have confirmed the launch of a European venture capital investment initiative for the digital economy with funds totalling more than €300m (US$393.3m).
Orange and international communications group Publicis said in a joint statement they will together contribute €150m (US$196.6m) to the project, which will be added to Iris’ funding commitments from investors – including the European Investment Fund (EIF) and French public investor CDC Enterprises – of a further €150m.
The project will see Orange and Publicis each acquire a 24.5% stake in Iris, a Paris-based pan-European venture capital fund manager, whose management will retain a controlling 51% stake.
Publicis chairman and CEO Maurice Levy will step in as chair of the supervisory board of Iris, and FT deputy CEO Gervais Pellissier will become the board’s deputy chairman.
France Telecom-Orange CEO Stephane Richard described the initiative, for which the companies first outlined plans in November 2011, as “a pioneer in its field”.
“It complements Orange’s considerable effort in terms of research and development, and will encourage the emergence of future leaders of the digital economy by bringing them funds at several stages of their development,” he said.
EIF CEO Richard Pelly said the initiative highlights the “renewed interest from the corporate world in sourcing innovation through capital investments”.
