Orange Digital Ventures invests in FAMOCO, a leader in Android-based transaction devices

Orange Digital Ventures is participating in a round of fund-raising of 11 million euros in the FAMOCO company alongside d’Idinvest, Hi Inov, SNCF Digital Ventures, BNP Paribas Développement, BPI-Ambition Numérique and business angels.

The funding follows two other rounds in 2013 and 2015 during which the start-up raised 1 million euros and 4.1 million euros respectively. The new round allows FAMOCO to meet growing international demand for transaction solutions in the fields of payment, transport, smart city and the digital transformation in mobility of large groups.

The technology development company saw its growth accelerate quickly in 2016, led by its transaction security solution on a mobile device combining a secure Android-based handset and a mobile device fleet management platform. FAMOCO’s ambition is to double in size, with more than 50 recruits planned this year, and is preparing to open new offices in Europe, the Middle East, Africa, the USA and Asia, in addition to India, where it currently operates.

After only two and a half years of commercial development, FAMOCO has become a key player in the digital transformation of transactions, with more than 100,000 FAMOCO devices deployed in more than 30 countries.

The start-up’s solution meets several of Orange’s strategic challenges, particularly for payment and enterprise services. In fact, Orange and the start-up are already working together in Africa on the Orange Money mobile money service, which already has 29 million users and represents a monthly transaction volume of more than 1 billion euros.

Orange has already participated in the development of FAMOCO via its Orange Fab accelerator. With this investment, Orange hopes to bring its expertise in emerging markets to FAMOCO and in the near future to lever off the Android device solution to help its enterprise customers around the world in their digitisation.

Pierre Louette, Deputy Chief Executive Officer of Orange and Chairman of Orange Digital Ventures commented: “The acquisition of this participating interest is a second logical step that reinforces our existing industrial partnership with FAMOCO, which is already helping us to deploy Orange Money in Africa. It shows our commitment to bringing innovative solutions to the digital transformation of our enterprise customers and to supporting the international development of FAMOCO.”

Lionel Baraban, co-founder and CEO of FAMOCO:
“Words like ‘Innovation Department’ and ‘Open Innovation’ are fashionable in large groups. They are sometimes marketing catch-phrases. With Orange, we have a real partner for whom innovation is not just ‘pilots or POCs’, it is large-scale deployment which has already changed the lives of millions of people in Africa. We are at the beginning of a new chapter and we are proud to have the support of Orange and Orange Digital Ventures.”

About FAMOCO
FAMOCO is the leader in Android-based transaction devices. Created in 2010 and awarded the Pass French Tech Label, FAMOCO’s sights are set on the transport, payment, logistics and access control markets and on equipment for mobile workers. With its range of secure and remotely managed devices, the company has developed the first Android-based transaction solution. This French start-up is experiencing strong international growth and is now present in 30 countries and has deployed more than 100,000 devices in 2½ years of commercial availability. Among its customers are prestigious companies such as Google, Gemalto, Alipay, Orange, Groupe Accor and Airtel. FAMOCO already has 4 international offices: Paris, Brussels, New Delhi and Hong Kong.

About Orange Digital Ventures
Orange Digital Ventures identifies and supports early-stage start-ups during their initial development by taking minority interests in the share capital. Its goal is to fund start-ups working the fields which will transform the digital ecosystem and to target large markets/sectors through innovation, disruptive technologies and new business models. In particular, Orange Digital Ventures supports start-ups in the fields of new connectivity services, the cloud and business data processing, the Internet of Things, and Fintech, in all regions.

Source: Orange.com