Google is aiming to support the next generation of European entrepreneurs with the creation of an EMEA venture fund to the tune of $100m.
"When we launched Google Ventures in 2009 we set out to be a very different type of venture fund," said Bill Maris, Managing Partner, Google Ventures.
"Startups need more than just capital to succeed, they also benefit from engineering support, design expertise, and guidance with recruiting, marketing and product management. Five years later, we're working with more than 250 portfolio companies, tackling challenges across a host of industries."
Google believes that Europe's startup scene has big potential: "We've seen compelling new companies emerge from places like London, Paris, Berlin, the Nordic region and beyond - SoundCloud, Spotify, Supercell and many others," added Maris.
Professor Stephen Roper, Researcher and Director of the Warwick Enterprise Research Centre, observed: "Google's announcement of the creation of a European venture capital fund is another welcome signal of confidence in the European high-tech industry.
"Google is rather late into this arena, however, with companies such as Intel Capital already having a well established portfolio of European tech investments. Perhaps more valuable than the investment to Europe's high-tech starts will be the potential relationship with Google itself, its technologies and market position.
"European high-tech firms have often looked enviously at the supply of risk capital available across the Atlantic. The arrival of Google Ventures in Europe takes us some way to redressing the lack of risk capital in Europe.
"As to whether Google is on a technology shopping spree or have a real interest in building Europe's next generation of high-tech gazelles only time will tell."