Internet company Google formally launched its European corporate venturing unit today, and revealed it will have an initial $100m in funds from which to invest.
Formed in 2009, Google Ventures has so far invested chiefly in US-based startups from its Californian head office and three satellite offices elsewhere in the US. The new office, which will be based in London, will enable it to target companies throughout the European technology sector.
”As we look out around the world, we realise that the tech ecosystems are getting bigger and stronger,” David Drummond, senior vice president of corporate development for Google, told the Financial Times.
“Nowhere is this more true than in Europe. Every European capital I travel to I see these startup clusters. It is obvious that great companies will come out of these ecosystems.”
Google Ventures’ European fund will start with an initial $100m base, though the figure could increase in the future if its investments are deemed to be successful.
The European team will report directly to Google Ventures managing partner Bill Maris and will initially consist of four general partners, three of which – Eze Vidra, Tom Hulme and Peter Read – have already been revealed.
The other GP will be Avid Larizadeh, the co-founder and chief operating officer of luxury fashion marketplace Boticca. MG Siegler, a part-time technology journalist who is already a general partner at Google Ventures, will act as a liaison between California and London, according to TechCrunch.