Prot�g� Announces $20 Million Funding Deal
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U.K.-based business incubator Protégé, which specialises in bringing North American Internet companies to Europe, has announced a $20 million deal to finance its activities.
The investment comes from Global Retail Partners (GRP), a venture capital fund backed by Carrefour S.A, Paul Allen's Vulcan Ventures and Donaldson, Lufkin & Jenrette. It is the first outside funding Protégé has received.
"Our partnership with Global Retail Partners is the catalyst for Protégé to extend its dominant position in growing and nurturing European Internet start-ups," said Larry Levy, president and CEO of Protégé.
"GRP's deep retail roots and expertise in growing global e-commerce companies, coupled with our broad experience in the European Internet technology and infrastructure markets, makes Protégé the ideal European start-up platform -- whether for North American Internet companies looking to expand into Europe, or European Internet companies just starting up."
It is expected that Protégé will manage start-up companies in Europe in which venture capitalists, including GRP, can later invest. It provides a business start-up environment called iCocoon that offers access to Internet and business infrastructures.
Other core business units at Protégé include the "Virtual Management" division for handling international expansion, and Citria for delivering e-business solutions based on the technologies of the companies being managed.