Orange partners with Google in startup financing for EMEA
Orange has partnered with Google through Orange Digital Ventures (ODV), the Group's corporate venture fund, to join forces in financing the best startups.
Through this partnership, Google will leverage ODV’s sourcing of start-ups to explore opportunities for co-investments in Europe, the Middle East and Africa.
The ODV team and Google will jointly evaluate promising investment opportunities with start-ups in the fields of new connectivities, IoT, cybersecurity, cloud, AI, fintech, as well as new business models in the Middle East and Africa.
This cooperation around financing will be extended by regular coordination meetings between the management teams of the two groups in order to examine investment opportunities around these start-ups and to accelerate the dynamics of open innovation at Orange.
"We are very proud to announce this partnership which will enable start-ups supported by Orange Digital Ventures to explore potential co-investment opportunities with Google. Through this partnership, we stand to reinforce Orange Digital Ventures’ "Smart Money" value-proposition by offering entrepreneurs with whom we work much more than just financing," said Stéphane Richard, Chairman and CEO of Orange.
"We are delighted to support Orange's ecosystem of start-ups and innovation and to explore alongside them opportunities for co-investment in Europe, Africa and the Middle East (EMEA). Orange's ecosystem is consistent with Google's know-how and our ability to accelerate the growth of start-ups. This partnership is a way to enhance our collective contribution to innovation in this region," said Carlo d'Asaro Biondo, EMEA President of Google Partnerships.