Google launches VC arm

March 31, 2009 6:46:30 PM PDT
Mountain View-based Google is extending its already gargantuan reach in the tech sector by setting up a venture capital arm of the company.

SIGN-UP: Get breaking news sent to you from ABC7 News

Google Ventures will invest up to $100 million in the next 12 months alone.

Businessweek says this is expected to be a major problem for other venture capital firms looking for good investments.

"This fund is a way to leverage some Google capital, and also our expertise, and go out and find that next great idea, so talk to entrepreneurs, talk to other venture capitalists who are doing the same thing and help grow some great new companies," Google spokesperson Rich Miner said.

Analysts say the world's largest Web search engine will probably scoop up some big bargains. For example, it has invested more than $1 million in an Indian company to gain access to automatic translation software.

       Today's latest headlines | ABC7 News on your phone
Follow us on Twitter | Fan us on Facebook | Get our free widget


Load Comments