France Télécom and Publicis team up with Iris

The two corporations announced in November 2011 that they would jointly commit €150m to a new venture capital fund focusing on internet businesses, with a view to appoint a management company at a later date.

They have now acquired a 24.5% interest in Paris-based Iris, a VC firm established in 1986. The €150m contributed by France Télécom and Publicis will be added to pre-existing commitments in Iris - notably including funding from the EIF and CDC Entreprises - resulting in an overall investment capacity in excess of €300m.

Three funds will now be created. OP Ventures Growth will target established companies in France and Europe, providing up to €15m per project. OP Ventures Global will invest in start-ups outside Europe, also with funds of up to €15m per project. These two vehicles are immediately operational. Finally, OP Ventures Early Stage will provide seed-capital and early-stage investment of up to €3m to young companies in France and Europe - it will be operational at some point in Q2 2012.

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