Google has started a $100 million fund in Europe to invest in tech startups, the seed of what could be large-scale funding for overseas entrepreneurs.
The search giant described the fund, which is managed by its venture capital unit Google Ventures, as “initial funding” to guide and support entrepreneurs with great ideas. The fund will be managed out of a new office in London.
In a blog post, Bill Maris, Google Ventures managing partner, wrote: “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.”
The fund positions Google to influence the newest technology emerging from Europe, discover raw entrepreneurial talent in the region and acquire more overseas startups. It is also a nod to the rising influence of European cities including London, Amsterdam, Stockholm and Dublin on the tech industry
Google Ventures launched in 2009 and provides seed, venture and growth-stage funding to more than 250 companies, including Nest, Uber, HomeAway and Blue Blottle Coffee. The firm has its headquarters in Mountain View and offices in San Francisco, Boston and New York.
Photo: A visitor uses a laptop computer at Google’s London Campus, in London, U.K., on Monday, Dec. 2, 2013. Photographer: Jason Alden/Bloomberg