Google sets up $100 million capital fund for startups
Google Ventures will look at early stage investments in companies across a range of industries
Google has announced a new $100 million venture capital fund to invest in startups.
Google Ventures will focus on early stage investments across a range of industries, including consumer Internet, software, clean technology, healthcare and biotechnology.
The money involved can vary depending on the opportunity but can go up to ‘tens of millions of dollars’.
“This is Google's effort to take advantage of our resources to support innovation and encourage promising new technology companies,” wrote Rich Miner and Bill Maris, managing partners of the fund, in a company blog post.
Both partners come with a stellar background in technology and entrepreneurship - Rich Miner was co-founder of Android smart phone software that Google acquired in 2005, while Bill Maris was previously the founder of web hosting pioneer Burlee.com.
With hard times hitting the U.S. and other major economies due to the downturn, Google Ventures will give deserving companies the leg-up they need to be successful.
“Economically, times are tough, but great ideas come when they will. If anything, we think the current downturn is an ideal time to invest in nascent companies that have the chance to be the "next big thing," and we'll be working hard to find them,” added Miner and Maris.