Citing the “compelling” success of European companies like SoundCloud and Spotify, Google Ventures is starting a new $100 million fund to support the work of entrepreneurs across Europe.
The new office will be headquartered in London, adding to locations in Boston, New York and San Francisco.
In a blog post announcing the move, managing partner and Google Ventures co-founder Bill Maris wrote “startups need more than just capital to succeed: they also benefit from engineering support, design expertise, and guidance with recruiting, marketing and product management…We believe Europe’s startup scene has enormous potential.”
Google Ventures, Google's venture capital investment arm, launched in 2009 and has since contributed funding to 250 companies, including Uber, Flatiron Health, cloud-based companies ZenPayroll and Cloudera, social site About.Me and smart-thermostat maker Nest Labs, which Google bought for $3.2 billion back in January.
Google Ventures operates independently from the digital giant, although the startups with the fund’s support do have access to company resources.