Google Ventures Into VC Business
Google has announced the launch of its new venture capital fund, appropriately named Google Ventures.
“At its core, Google Ventures is charged with finding and helping to develop exceptional start-ups,” Google says of its new for-profit effort.
The New York Times reports that the group is expected to invest up to $100 million in the next year. The paper also says some of Google Ventures’ investments will be in areas that Google.org, the company’s philanthropic arm, has previously funded.
Google says Ventures will focus on a broad range of industries, “including consumer Internet, software, clean-tech, bio-tech, health care and, no doubt, other areas we haven’t thought of yet.”
David Drummond, Google Senior Vice President, Corporate Development and Chief Legal Officer, will oversee Google Ventures. Managing Partners are Bill Maris and Rich Miner.
Perhaps anticipating questions about the timing, Miner’s and Maris’ announcement says the current economic downturn is an “ideal time” to launch Google Ventures: “Economically, times are tough, but great ideas come when they will.”
There’s more discussion on Techmeme.
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