Telecommunications giant Orange has invested in a €200m funding plan designed to support digital health SMEs (small and medium-sized enterprises) in France, and across Europe generally.
Through Enovacom – the health division of Orange Business Services – it will attempt to generate new business opportunities and enhance investment in the European eHealth market by contributing to LBO France’s Digital Health 2 (DH2) fund.
The DH2 fund rewards innovation by recognising and funding eHealth SMEs like French diagnostic imaging software firm TRIBVN Healthcare and FeetMe – a start-up based in Versailles that develops smart insole devices.
By investing in this “dynamic” fund, Enovacom stated it now has an opportunity to consolidate its privileged access to Europe’s innovative eHealth ecosystem, and will take a step closer to achieving its ambition of becoming one of France’s leading digital health companies.
Laurent Frigara, deputy CEO of Enovacom, said: “The adventure continues with DH2 – a fund in which, together with the operational team, we have found a real understanding of our common challenges when it comes to eHealth.
“We are convinced that DH2’s management team will be able to identify and support the hidden gems of the eHealth industry to make companies both currently in the portfolio, and those of tomorrow, major players in eHealth.
“This investment in DH2 will enable Enovacom to strengthen the ecosystem, accelerate synergies and build alliances to address eHealth issues.”
Digital Health 2 fund for SMEs in Europe
The DH2 fund is led by LBO France – a Paris-based private equity firm that already invests in numerous French digital health companies, and acquired a majority stake in UK business information service provider Prenax last month.
It plans to invest a total of €200m ($237m) in eHealth SMEs across France and Western Europe, and hopes to have a “positive impact” on the upcoming companies selected by the funding plan, as well as boosting the entire digital health ecosystem.
Valéry Huot, partner, head of venture at LBO France, said: “We are very pleased with the confidence that Orange has placed in us.
“The presence of a global operator, integrator of digital services, and a pioneer in eHealth within the DH2 fund, is a definite advantage for the portfolio companies.
“Enovacom will also inevitably promote the co-construction and growth of innovative companies capable of becoming world champions in eHealth.”
