Crédit Agricole Group makes €100 million innovation-capital investment to support startups
As part of its innovation approach, highlighted by the Customer Project from its strategic plan “2020 Strategic Ambition”, the Crédit Agricole Group is announcing that it will be investing €100 million to support innovative young businesses*. The maximum budget for these funds could reach €200 million by 2020.
This investment, led by Crédit Agricole’s Regional Banks, Crédit Agricole S.A., Amundi and Crédit Agricole Assurances, will enable the Group to meet two key goals:
- Supporting the regional economy by financing innovation and investment in young tech firms operating primarily in the Group’s six strategic areas: agriculture and agrifood, energy-environment, housing, health, tourism and marine;
- Accelerating its digital transformation by investing in startups deploying solutions and applications for the bankinsurance sector, such as big data, connected devices, digital payment, cybersecurity and blockchains.
Innovation is a core focus within the Group’s strategy. For Bertrand Corbeau, Deputy Managing Director Head of Development, Client and Innovation at Crédit Agricole S.A.: “These funds will further strengthen and ramp up the arrangements already in place to foster innovation within the Group, and particularly the Regional Banks. By supporting startups with their growth, Crédit Agricole is helping promote the development of an innovation ecosystem with positive impacts in terms of progress and jobs in all the regions. We will also be able to capitalise on the strong Villages by CA network rolled out in the regions (around 30 by end-2018) to accelerate the digital transformation across all our activities”.
With this innovation capital approach, structured with advice from SODICA Corporate Finance, the Crédit Agricole Group, building on its strong regional roots and dense network, is further strengthening its ability to support innovative young businesses everywhere, in France and around the world.
* The contributions by the Group’s entities to the initial capital for the two funds (€100 million in total) are based on the following breakdown: €45 million for Crédit Agricole’s Regional Banks, €25 million each for Crédit Agricole S.A. and CA Assurances, and €5 million for Amundi.