Google Venture lands in London: New $100m fund aimed at developing European start-ups
Google’s venture capital firm Google Ventures is setting up shop in London with a $100m (£58m) investment fund aimed at developing start-ups across Europe.
The US arm of Google Ventures was started in 2009 and has a fund of $1.5bn. Its most sizeable acquisition to date was the 2014 purchase of Nest Labs for $3.2bn.
Bill Marris, Google Ventures’ managing partner, announced the launch of the London branch in a blog post, saying the company thought Europe’s start-up scene has “enormous potential” and pointing to companies such as SoundCloud, Spotify and Supercell as examples.
“Wander through the excellent Science Museum in London, and you’ll see inventions that transformed history,” writes Marris, listing Charles Babbage’s difference engine and the “wonder drug” penicillin as examples of inventions that “transformed history”.
“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. We can’t predict the kinds of inventions the Science Museum might showcase 10+ years from now, but we do know European start-ups will be essential to this future, and we can’t wait to see what they create.”
The European branch will have five general partners that report to Maris: Eze Vidra, who set up the Google Campus in London; Avid Larizadeh, co-founder of fashion site Botticca and head of the UK arm of code.org; and angel investors Peter Read and Tom Hulme. MG Siegler, a Google Ventures general partner and former tech journalist, will be liaising between the US and UK operations.
The announcement has been hailed as “big news” for London’s tech scene and European start-ups in general, many of which fail to raise the same sort of funding that their American cousins routinely attract.
Life & Style blogs
Britain's kitchens so filthy that they present a health risk, says new research
How to turn off/stop 'seen by' on Facebook: Disable it to make your chats seem less passive aggressive
KickassTorrents down: new Isle of Man domain taken offline just hours after launch
Company breaks open Apple Watch to discover what it says is 'planned obsolescence'
The confessions of men who ordered mail-order brides
The sickening truth about food banks that the Tories don't want you to know
Migrant boat disaster: Ukip candidate mocks victims in sickening Twitter post
Nigel Farage wants the BBC to stop making programmes like Doctor Who, Strictly Come Dancing, and Top Gear
Global warming: Scientists say temperatures could rise by 6C by 2100 and call for action ahead of UN meeting in Paris
General Election 2015: Britain would become a 'communist dictatorship' under Ed Miliband and Nicola Sturgeon, claims wife of Michael Gove
Rupert Murdoch berated Sun journalists for not doing enough to attack Ed Miliband and stop him winning the general election
- 1 Student jailed for hacking University of Birmingham computers to improve his grades
- 2 Smartphones are making children borderline autistic, says psychiatrist
- 3 Company breaks open Apple Watch to discover what it says is 'planned obsolescence'
- 4 Teaching profession headed for crisis as numbers continue to drop and working lives become 'unbearable'
- 5 The most powerful passports in the world
iJobs Gadgets & Tech
£70000 - £90000 per annum + bonus + car allowance + benefits: Ashdown Group: H...
£28000 - £32000 per annum + Excellent benefits: Ashdown Group: Application Sup...
£28000 - £32000 per annum + Excellent benefits: Ashdown Group: Systems Analyst...
£40000 - £48000 per annum + bonus and benefits: Ashdown Group: European Recrui...