Google has announced its plans to create European venture capital arm, as the company seeks to benefit from the continent’s emerging startups.
New arm for Google Ventures
Google Ventures is launching a $100 million fund dedicated to “invest in the best ideas from the best European entrepreneurs.”
“We believe Europe’s start-up scene has enormous potential,” said Bill Maris, overseeing the project, in a blog post to announce the new fund. “We’ve seen compelling new companies emerge from places like London, Paris, Berlin, the Nordic region and beyond – SoundCloud, Spotify, Supercell and many others.”
Home to largest companies
Though it’s yet unclear what type of investments the fund would make in the region, the new operation will be based near the so-called Silicon Roundabout.
The search engine giant believes Europe will soon become home to some of the world’s biggest tech firms.
A team will run the new fund. This will include entrepreneur Tom Hulme, angel investor Peter Read, Code.org UK head Avid Larizadeh.