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.”
Protégé has helped over twenty North American Internet
companies expand in Europe, including Vignette Corp.,
NetGravity, Kana Communications, OpenSite Technologies, Sandpiper
Networks, AvantGo, Placeware, Ironside Technologies, Delano
Technology and Virage.
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.
