Google Ventures is coming to Europe, according to Bill Marris, managing partner at the VC arm of Google. The search giant has set its sights on London's Clerkenwell area - a stone's throw from Old Street's Silicon Roundabout - for its headquarters.
The five-year old entity will receive initial funding of $100 million (about £67 million, AU$ 110 milion) to support the next generation of European entrepreneurs.
Explaining the rationale behind the decision, Marris said that Google believed the continent's startup scene had "enormous potential".
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Initial partners will include Tom Hulme, Peter Read, Avid Larizadeh and Eze VIdra as well as respected tech blogger and TechCrunch alumni, MG Siegler.
Google Ventures has proven to be a low-key investment for Google but an all-important tool to identify (and sometimes acquire) red hot startups.