France-based automobile manufacturer PSA Group unveiled a corporate venturing division today called the Business Lab.
The unit will focus on sectors such as mobility and digital technologies. It will operate around three main activities – identifying and partnering innovative startups internationally; make minority investments both directly and through third-party funds; and carrying out in-house experiments.
The Business Lab has partnered local venture capital firm Idinvest Partners to facilitate investments in startups.
PSA Group has not yet revealed how much capital the new subsidiary will have under management.
Anne Laliron, director of the Business Lab, said: “This Business Lab will allow the PSA Group to structure and accelerate partnerships with startups, to offer our customers unique mobility experiences. I am pleased to be able to count on the support of our partner, Idinvest, in this approach.”