Orange has launched a venture capital division that aims to identify and fund promising tech start-ups.
Called Digital Ventures, the investment programme has been allocated €20 million for its first year, with which it will take minority stakes in budding companies that fall within the French incumbent’s geographic footprint.
"The focus of Orange Digital Ventures is on financing those start-ups working on the new and next transformations of the telecoms and digital sectors," said Orange, in a statement on Thursday.
Orange is looking for opportunities in the Internet of Things (IoT), cloud, big data, payments, and e-health, among others.
In a bid to keep pace with the fast-moving world of tech start-ups, Orange said it will implement a simple, rapid selection methodology supported by a dedicated team of digital specialists.
"The intent is to deliver entrepreneurs a first response in less than 30 days," Orange said.
Once invested in a company, Digital Ventures’ aim is to help it grow its business and forge commercial and technical relationships.
"The ambition for Orange Digital Ventures is to work alongside them to transform far-sighted, talented entrepreneurs into key players in their chosen markets and in so doing, benefit Orange and its customers," Orange said.
Digital Ventures will operate alongside Orange’s start-up incubator programme, Orange Fab, the telco said.
