France-based telecommunications service provider Orange launched a corporate venturing subsidiary yesterday that will invest up to €20m ($23m) in startups developing telecoms and digital technology.
Orange Digital Ventures will fund entrepreneurs across the 30 countries in which Orange operates. As well as communications and connectivity, the fund will support startups working in the cloud, online payment, internet of things, big data and e-health sectors.
The €20m is set to be invested in early stage companies in the first year of the fund’s operation.
Orange has made inroads into corporate venturing in the past, partnering with marketing firm Publicis to back a $400m fund raised by venture capital firm Iris Capital in 2012.
The firm also runs Orange Fab, a Silicon Valley-based accelerator that provides $20,000 investments for its graduating startups.