Google is doubling its investment in new start-ups and is set to start looking for ventures outside the US to put money into.
Google Ventures, which was set up two years ago by the search engine giant, is to plough as much as $200 million a year into start-ups after a series of major investments and an expansion of its team.
The fund, which has already taken stakes in US tech businesses such as HomeAway and Scvngr, says that it is will begin to look beyond the US for start-up opportunities.
“Currently, we are focused with our activities in the United States but several of our companies are focused on areas outside of the United States,” a company spokesman tells StartupSmart.
Google Ventures has access to a potentially unlimited amount of funds from its parent, but it’s understood that Google has doubled its investment fund to $200 million for this year. It has already invested as much this year as it did throughout the whole of 2010.
The fund isn’t limited as to what it invests in, although it generally focuses on three main areas – the web, renewable energy and biotech. It’s expected that 100 new companies will partner with Google this year.
“Like Google, we’re constantly evolving,” managing partner Bill Maris told the Wall Street Journal.
“We’re really putting the pedal down now. We don’t talk too much about capital. This is a creative and experimental foray for us.”
The boosted fighting fund for Google Ventures follows comments made by Google’s chief financial officer Patrick Pichette that the company doesn’t want to lose its “start-up philosophy.”