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News : Innovation Last Updated: Jul 11, 2014 - 7:43 AM


Google Ventures opens European unit to invest in startups
By Michael Hennigan, Finfacts founder and editor
Jul 10, 2014 - 4:32 PM

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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.

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