Confirming rumors earlier reported by Bloomberg, mobile carrier France Télécom-Orange and advertising juggernaut Publicis Groupe have teamed up to launch a venture capital fund.
The companies have committed to jointly put in 150 million euros (presumably split 50/50), and are seeking outside investors to double the size of the fund, which will focus on backing budding entrepreneurs building digital companies in France and the rest of Europe.
Bloomberg pegged the size of the fund at ‘more than 100 million euros’. If enough investors line up to back the new fund, it will reach its actual target size of 300 million euros ($411.5 million).
Read more at TechCrunch Europe.
Publicis Groupe is the world’s fourth largest comunications group. In addition, it is ranked as the world’s second largest media counsel and buying group, and is a global leader in digital and healthcare communications.
France Télécom is the main telecommunications company in France, the third-largest in Europe and one of the largest in the world
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