France Telecom-Orange and Publicis have confirmed plans to launch a new venture capital fund to finance and develop budding entrepeneurs in the digital economy, particularly in France and the EU. The partners are committed to jointly investing EUR 150 million in the fund and will invite others to join them, to reach a target of EUR 300 million. The fund's main targets will be companies focusing on digital technology, content and services in sectors such as online marketing, e-commerce, mobile, online gaming and social networks, middleware, cloud computing, security and online payments. It will invest up to EUR 1 million per project in companies seeking seed capital and early-stage investment and up to EUR 15 million in later-stage projects. In the future it may also invest in start-ups outside Europe, alongside US or Asian partner funds. The new venture capital fund is subject to the approval of the relevant authorities.
