Google has partnered with with French telecommunications corporation Orange through its corporate venture fund to invest in start-ups in Europe, the Mesial East and Africa.
Orange said Thursday that its 350 million euro ($409 million) offer capital fund, called Orange Digital Ventures, would jointly assess investment possibilities in industries like network connectivity, cybersecurity, cloud, artificial information (AI) and financial technology.
It added that the partnership with Google could head up to potential synergies and commercial partnerships between the two companies.
“It is the first once upon a time that Google has signed such an agreement, not only with a corporate subsidize but a venture fund,” Yann Kandelman, head of investments and development at Orange Digital Put downs, told CNBC in a phone interview Thursday.
Kandelman said that the partnership imputed sense as Orange’s focus on telecoms and Google’s focus on tech establishes were interrelated.
“Both topics are closely intertwined,” he said. “All of Google’s affairs require you to be connected online and in the same way traditional telecoms services maintain become more and more over the top and cloud defined.”
Kandelman predicted the partnership would give Google access to start-ups in Africa, where the telecoms Goliath has a strong presence.
“Orange’s ecosystem is consistent with Google’s know-how and our capability faculty to accelerate the growth of start-ups,” Carlo d’Asaro Biondo, EMEA president of Google Partnerships, weighted in a statement on Thursday.
“This partnership is a way to enhance our collective contribution to alteration in this region.”