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Google Ventures, the investment branch of Google, announced today that it would be setting up a $100M European fund...
Google Ventures, the investment branch of Google, announced today that it would be setting up a $100M European fund to invest in budding continental entrepreneurs. Citing European-developed services like Soundcloud and Spotify, Google said it believed Europe’s startup scene had “enormous potential.”
“As we look out around the world, we realise that the tech ecosystems are getting bigger and stronger,” said David Drummond, senior VP of Corporate Development at Google.
“Nowhere is this more true than in Europe. Every European capital I travel to I see these start up clusters. Its obvious that great companies will come out of these ecosystems.”
Based in their office in Clerkenwell, England, the European investment team will consist of longtime Google exec Eze Vidra, entrepreneur Tom Hulme, head of code.org’s UK branch Avid Larizadeh and, surprisingly, ex-TechCrunch blogger MG Siegler.
It’s worth noting, however, that the fund is comparatively modest. Over the past year and a half, investment firms Index Ventures and Accel partners have funded European startups with upwards of $400M-- each.
Google Ventures started in 2009 to not only fund promising startups, but also provide them with engineering support, design expertise, and guidance with recruiting, marketing, and product management. Their success stories include transportation network Uber and smart thermostat Nest.