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March 12, 2012 12:14 pm GMT
Today sees the launch of one more venture capital fund backed by a large European telecoms carrier: Orange, the retail face of France Telecom, is teaming up with the advertising giant Publicis and Iris Capital Management to start OP Ventures Growth, a new $400-million-plus fund to back French and other European technology startups.Orange and Publicis are contributing half of those funds, $200 million (150 million) with the total to be used both for seed capital/early stage investments, as well as later rounds; and the deal will see the carrier and ad giant effectively become minority partners (24.5 percent each) in Iris.The move underscores how the older guard of media and communications are continuing to invest to make sure that they, too, are in the thick of newer innovations -- and they are using the vehicle of VC cash to get there. The move comes just a week after Telefonica also announced more startup activities -- the launch of its Wayra incubator -- and amidst reports that the Spanish carrier is gearing up, within days, to announce another significant investment in a startup.
Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/q2-iY55-uGo/
Another European Carrier Goes VC: Orange Partners With Publicis, Iris In $400M Fund
Today sees the launch of one more venture capital fund backed by a large European telecoms carrier: Orange, the retail face of France Telecom, is teaming up with the advertising giant Publicis and Iris Capital Management to start OP Ventures Growth, a new $400-million-plus fund to back French and other European technology startups.Orange and Publicis are contributing half of those funds, $200 million (150 million) with the total to be used both for seed capital/early stage investments, as well as later rounds; and the deal will see the carrier and ad giant effectively become minority partners (24.5 percent each) in Iris.The move underscores how the older guard of media and communications are continuing to invest to make sure that they, too, are in the thick of newer innovations -- and they are using the vehicle of VC cash to get there. The move comes just a week after Telefonica also announced more startup activities -- the launch of its Wayra incubator -- and amidst reports that the Spanish carrier is gearing up, within days, to announce another significant investment in a startup.Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/q2-iY55-uGo/
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