Google Ventures sees ‘enormous potential’ in Europe.
Google Ventures will be launching a new venture fund in Europe, with an initial funding of $100 million.
The money will be used to "invest in the best ideas from the best European entrepreneurs, and help them bring those ideas to life".
Google said: "We believe Europe’s startup scene has 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."
Google Ventures was launched in 2009, and is the venture capital investment arm of Google. It has previously invested in a variety of fields such as software, hardware, biotech and healthcare.
The five partners in the new Google Ventures office will include Eze Vidra, who heads up Google’s London campus, and IDEO design director Tom Hulme, according to the FInancial Times.
"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."