Google’s VC arm will open a new office to invest in European startups. The new fund will add to Google Venture’s portfolio of 250 companies with $1.5B in assets
Google Ventures is launching a new $100 million venture fund to invest in European entrepreneurs and help them bring new ideas to life.
Bill Maris, the managing partner of the internet giant’s VC arm, announced the new fund in a July 9 blog post, stating that the European startup scene has enormous potential, based on success of previous startups that have come out of the region such as SoundCloud, Spotify, Supercell and others.
“Wander through the excellent Science Museum in London, and you’ll see inventions that transformed history,” Maris wrote in the post. “Like Puffing Billy, one of the world’s first steam locomotives; or Charles Babbage’s difference engine, a Victorian predecessor to the modern computer; or penicillin, the wonder drug that revolutionized the treatment of disease. These marvels from the past still influence our lives today, and are tangible examples of how fearless exploration and entrepreneurship can literally change the world.”
He continued: “We can’t predict the kinds of inventions the Science Museum might showcase 10+ years from now, but we do know European startups will be essential to this future, and we can’t wait to see what they create.”
Google’s nonstrategic investments
Google Ventures was first launched in 2009 and today has more than 250 portfolio companies such as Uber, Optimizely, Cloudera. The fund works to provide startups with engineering support, design expertise and guidance with recruiting, marketing and product management, along with funding. It is managing more than $1.5 billion in assets.
According to the Financial Times, the new unit of Google Ventures will have four partners working from offices in Clerkenwell in London. The partners include Eze Vidra, an executive from Google’s London Campus; serial entrepreneur Tom Hulme; Peter Read, a British angel investor and tech adviser; and Avid Larizadeh, the head of code.org’s U.K. arm and co-founder of Bottica.com.
“Our goal is simple: we want to invest in the best ideas from the best European entrepreneurs, and help them bring those ideas to life,” Maris wrote in the blog post.