Google to open $100m startup fund in London
GOOGLE’S startup investment fund has picked London to base its new $100m (£58.4m) European investment arm.
Google Ventures has more than $1.5bn invested in 250 startups, which until now have mainly been based in the US.
“Google, alongside many other global investors, recognises the incredible skills and opportunities to be found here,” London mayor Boris Johnson said.
“Adding the European arm of Google Ventures to London’s roster of digital expertise will help create more jobs, drive more investment and inspire even more tech masterminds to head to our great city.”
Google’s existing portfolio of investments includes mobile taxi app service Uber, genetic analysis firm 23andMe and e-signature firm Docusign.
“We believe Europe’s startup scene has enormous potential. We’ve seen compelling new companies emerge from places like London, Paris, Berlin, the Nordic region and beyond – SoundCloud, Spotify, Supercell and many others,” said Google Ventures managing partner Bill Maris.
Google Ventures focuses on offering financial investment in startups as well as engineering support, design expertise, and guidance on recruiting, marketing and product management.