The Internet search engine giant Google is setting up a venture capital arm, Google Ventures, with $100 million to invest in the first year.
The firm says its brief is to, “Discover and grow great companies” adding, “We believe in the power of entrepreneurs to do amazing things.” It will be looking beyond the Internet and computer software and hardware, to cleantech, biotech and health care, investing anywhere from seed to mezzanine stage.
One of the managing partners of Google Ventures, Rich Miner, joined Google through the acquisition of Android, a mobile platforms company, while the second partner, Bill Maris, founded Web hosting pioneer Burlee.com, which he subsequently sold to Interland, Inc. (now known as Web.com). Before that Maris was a portfolio manager for Stockholm, Sweden-based Investor AB, where he co-managed the biotechnology and health care portfolios.
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