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.