Orange launches 50 million euros investment initiative to support African Startups.
Orange Digital Ventures , Orange Group’s investment vehicle for early-stage innovation projects in Africa has launched a new investment initiative to support startups in Africa.
The initiative will see the Group commit 50 million euros corresponding to half of the direct investments made via its new Orange Digital Ventures Africa programme; the other half is devoted to indirect investments through specialised funding for Africa.
Orange Digital Ventures Africa supports projects in Africa in areas such as new connectivities, FinTech, the Internet of Things, energy and e-health. The objective is to target start-ups offering responses to Africa’s fundamental challenges while leveraging the operator’s assets on the continent. This support will concern all innovative start-ups, whether they are based geographically in Africa or they address African issues from another continent.
Starting September, a dedicated team will based in Dakar Senegal for the programme in order to respond to the start-ups’ need for responsiveness and simplicity. Orange says this new initiative underlines its commitment in Africa, a growth territory where currently nearly one of every ten inhabitants is an Orange customer, and its determination to always be a cutting-edge player in digital ecosystems.
It supports Orange’s existing open innovation initiatives in Africa, such as the Orange Fabs in Côte d’Ivoire, Cameroon, Senegal and BIG in Jordan to facilitate partnerships with the start-ups; the network of partner incubators such as CTIC in Dakar; the availability of Orange APIs on the continent; and the Orange Social Venture Prize recognising social entrepreneurs in Africa.
“Since the beginning of Orange Digital Ventures, the new services and business models in Africa have been one of the priority investment themes of our corporate venture business. With this announcement, we are engaging a bit further alongside the African digital ecosystem, which like everywhere else and maybe even more than elsewhere carries with it a development challenge.” Pirre Louette, Deputy Chief Executive Officer of Orange and Chairman of Orange Digital Ventures said.