With billions of dollars located overseas, Google (News - Alert) has decided that the time to invest in European startups has arrived. On July 9, Google announced through their official blog they will be opening a new branch of their startup investment firm Google Ventures in Europe.
The new arm of Google Ventures will start out with an initial fund of $100 million. Google will also be partnering with four investors. These angel investors will be Peter Read, Avid Larizadeh, Eze Vidra, and Tom Hulme. It was originally reported that a fifth partner would be joining Google Ventures in Europe, MG Siegler, however Google has clarified that Siegler will only be joining them temporarily to serve as a liaison between U.S. and European operations.
Unlike many venture firms, Google Ventures takes a much more involved stance when investing. Companies invested in by Google Ventures reportedly receive an abundance of support from the tech giant. Startups will have engineering support, design expertise, and assistance in recruiting, marketing, and project management from Google. If there is one company with expertise that a startup could appreciate, Google may be one of the best.
Since 2009, Google Ventures has invested in over 250 companies from across different industries. These companies include Cloudera, Hubspot, TuneIn, Fitstar, and SynapDx. While many amazing startups have found their home in the United States, there are many new entrepreneurs located in Europe that could use the help of a company like Google to help them get their innovative projects off the ground.
Google's Vice President of corporate development, David Drummond, is excited for the many startups that can be found in Europe, stating “As we look out around the world, we realize that the tech ecosystems are getting bigger and stronger. Nowhere is this more true than in Europe. Every European capital I travel to I see these startup clusters. It’s obvious that great companies will come out of these ecosystems.”