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PSA Opens New-Business Incubator
PSA Group says its just-launched Business Lab will identify advanced digital and mobility businesses worldwide, test concepts and invest in startups through a new venture capital arm.
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PSA Group says its just-launched Business Lab will identify advanced digital and mobility businesses worldwide, test concepts and invest in startups through a new venture capital arm.
The latter activity has begun with €100 million ($106 million) in capital. The investment effort is being coordinated with Paris-based Idinvest Partners, a €7 billion ($7.4 billion) venture capital firm with a €2 billion fund specifically for European startups. PSA’s first investment was in Deezer, a web-based music streaming service headquartered in Paris. The 8-year-old company offers user-customized music to some 6 million subscribers in 180 countries.
The Business Lab is headed by Anne Laliron. She says the unit was created to enable PSA to connect with startups that need financial help but don’t want to affiliate directly with a large corporation. Her group is targeting business opportunities in analytics, artificial intelligence, connectivity services and “clean” technologies.
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