Google has announced the launch of a European arm of its venture capital fund, Google Ventures, with an initial funding of USD 100 million. The vehicle will aim to “invest in the best ideas from the best European entrepreneurs, and help them bring those ideas to life,” said Google in a statement. The company will be based in Clerkenwell, near London’s ‘Silicon Roundabout’ tech area. However, Google has specified that the new fund’s investments will be made throughout Europe. Speaking to the Financial Times, David Drummond, Google’s senior vice president of corporate development, said the investment stemmed from a belief that the continent could become home to some of the world’s biggest tech companies. “Every European capital I travel to I see these start up clusters. Its obvious that great companies will come out of these ecosystems,” he said.
Google Ventures was established in the US five years ago and has focused its investments on Silicon Valley companies such as Uber and Nest. Its current fund is USD 300 million but Google stressed that startups in its portfolio are provided with more than just capital, benefitting from engineering support, design expertise, and guidance with recruiting, marketing and product management.
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