Recently Google announced a new startup investment plan outside the American territory. It is partnering with Orange Digital Ventures, the corporate venture fund of the French carrier Orange to find, invest and prospectively acquire startups in the EMEA region. The focus will be on business verticals like the Internet of Things, Cybersecurity, AI, FinTech and Cloud Services.
While there is no word on the size of the investment to be made, what we do know is that both the companies are keeping their options open in terms of stage and business vertical.
They are expecting to announce the first investments later this year. The CEO of Orange Digital Ventures (ODV), Marc Rennard said that the company’s main aim is to partner with the most promising startups to enable them in their growth and expansion plans.
Google has further confirmed that the investment plans are not an extension of Google Ventures (GV) or CapitalG but as a part of its corporate development that invests in the best startups that can be strategic to Google’s acquisition plans.
Carlo d’Asaro Biondo, the EMEA President of Google Partnerships, said in a statement, “We are delighted to support Orange’s ecosystem of startups 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 startups. This partnership is a way to enhance our collective contribution to innovation in this region.”
Google has a strong presence and outreach amid American startups. Now, it is aiming to connect with EMEA region startups, which can be a strategic step for Google’s acquisition plans.
The search and Android giant can strongly benefit from investing in Europe by positioning itself as a team player and supporter of small tech businesses.