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.”
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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.
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