Google’s venture funding arm is setting up a £100m investment fund in London to invest in tech companies in the capital and elsewhere in Europe.
London is the first location outside the US for Google Ventures which has already funded more than 250 startups, including well known success stories such as taxi business Uber, genetics firm 23andMe and internet of things specialist Nest Labs which it later acquired.
The new fund will be based in London with an eye to investing across Europe where managing partner Bill Maris said Europe’s startup scene had “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. 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,” said Maris in a blog post. “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.”
London Mayor Boris Johnson said the new fund would be a boost for the capital encouraging job creation and economic growth.
“As the tech and finance capital of Europe, London is the natural hub for developing the new economy across the continent and provides the perfect ecosystem for investment in new tech, digital and creative firms of all sizes. Google, alongside many other global investors, recognises the incredible skills and opportunities to be found here. 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."