French startup accelerator, NUMA, recently announced plans to expand its operations to a global scale with Cisco Systems, Inc. (NASDAQ:CSCO).
Cisco pledged to support the French firm’s global expansion through a $100 million pledge. The funds will be spent on incubator programs and Cisco’s investments in Internet of Things startups in France. NUMA, therefore, acknowledges the communications and tech company’s similar interests and thus the compatibility with the cause. The French startup ecosystem is currently growing rapidly, and NUMA wants to use this opportunity to catapult itself.
NUMA changed its organizational status from a non-profit association into a private company in preparation for its global expansion strategy. The firm also initiated a corporate fundraiser and a crowdfunding campaign that raised more than $4.53 million for the cause in 2015. The startup acceleration program will handle startup ecosystems in various international markets including the Middle East, South-East Asia, Central Europe, Central America and West Africa.
The accelerator also plans to be the focal point for international startups that want to expand their presence to Europe. Another objective of the firm is to aid French startups so that they can gain traction in the international markets. Romain Amblard, the acceleration director at NUMA, stated that the company’s global strategy is motivated by the momentum that built up in France four years ago. It was also partly driven by emerging markets presenting similar opportunities to those in the French ecosystem.
A lot of work and resources will have to be pulled into the new emerging markets as part of setting up the structure. Selecting the target cities was carried out through macroeconomic matching after an analysis of the market conditions. Some of the factors that were considered include the investment climate, the business environment, political stability and infrastructure among other factors. Amblard revealed that the organization already has offices in Moscow, Casablanca and Bangalore. The acceleration program was initiated six months ago in Moscow. NUMA has support from numerous partners including Alphabet Inc (NASDAQ:GOOGL).