Google Ventures, the venture capital unit of the search engine, announced on
Wednesday that it plans to create a European division as it seeks out ideas and
potential startup acquisitions.
Google has bought about 150 startups since its IPO (initial public offering)
in 2014 and these days big tech giants rely on young startups to fuel their innovation.
The innovation slowdown at the US tech giants
"We believe Europe’s startup scene has enormous potential,"
Bill Maris, managing partner, Google Ventures,
said. "We’ve seen compelling new companies emerge from places like London,
Paris, Berlin, the Nordic region and beyond - - SoundCloud, Spotify, Supercell
and many others."
Maris added: "When we
launched Google Ventures in 2009, we set out to be a very different type of
venture fund. Startups need more than just capital to succeed: they also benefit
from engineering support, design expertise, and guidance with recruiting,
marketing and product management. Five years later, we’re working with
more than 250 portfolio companies,
tackling challenges across a host of industries. For example, the team at
Flatiron Health is improving the way
doctors and patients approach cancer care,
SynapDx is developing a blood test for the early detection of Autism in
children, and Clean Power Finance
is making solar energy affordable for homeowners."
Google Ventures will operate from offices in
Clerkenwell in London, near the so-called Silicon Roundabout/ Tech City cluster
where hundreds of tech startups have been launched in recent years. The new
fund’s investments will be made throughout Europe.