Google has this week launched an investment fund targeting established start-ups seeking money to grow.
The $300 million fund has been in operation for over a year, but was publicly launched this week with an investment announcement of $40 million in US-based e-learning start-up Renaissance Learning.
A Google spokesperson said they were seeking businesses with solid foundations poised for explosive growth.
“We have the capability to use our money, our time, our effort, our expertise,
our brain power, and the Google brand to help build great companies.
That’s a worthwhile thing to do,” says chairman of Google Capital David Drummond, adding investments take time.
Google intends to make up to six investments per year.
It has previously backed survey software Survey Monkey and social loan offering site Lending Club.
The growth equity fund will work alongside Google Ventures, the investment fund targeted at new ventures.
Google Ventures has over a billion under management and has backed 225 start-ups so far.