French Telecom Orange Backs B2B Tech Fund

Orange is investing in the “Move Capital I” fund in an effort to support future B2B tech “champions” in Europe, the French telecom announced Monday (Jan. 4).

The investment, which was for an undisclosed amount, is being made via the holding company Orange Digital Investments into Move Capital, which is active in fields such as IoT, artificial intelligence (AI), cyber security and data analytics.

“Orange Business Services and Move Capital share a common vision: to assist, support and finance French and European tech companies in the digital B2B sector to facilitate their development and emergence and ensure European technological sovereignty,” the company said in the news release.

Orange notes that the B2B tech ecosystem is in the midst of an evolution, due to developments such as 5G, the data boom, migration of services to the cloud, the rise of connected objects and the need for cybersecurity to protect it all.

Read more: Orange Strikes Confident Tone Despite Drop in Q3 Revenue; MEA Region Remains Strong Growth Driver

“For Orange Business Services, these rapid changes emphasize the importance of being supported by trusted partners,” the company said. “The digital economy is restructuring around an ecosystem of partners whose aim is to combine the best technologies in the market to cover the needs of innovative companies across the entire value chain.”

Laurent Godicheau, chief strategy officer of Orange Business Services, added that the company’s clients appreciate a “digital European” approach to B2B in a time of increasingly fragmented digital ecosystems.

“We are very happy with the trust that Orange, as an anchor investor, has shown in the Move Capital fund,” added Sophie Sursock and Hervé Malausséna, the co-founders of Move Capital.

“With Orange Business Services, we have a common vision and a willingness to support the emergence of French and European tech companies to further strengthen that ecosystem,” they said.

Read more: Orange Wants To Fast-Track 5G With Investment In Venture Fund

Last year, Orange invested in the “Venture Reality Fund II” in an effort to promote immersive technologies and speed the development of new 5G services.

That investment, which was also run through Orange Digital Investment, was designed to let the company back technologies in the XR (extended reality) sector, such as AI, augmented reality and mixed reality.