Google has launched a new $100 million fund based in London that will invest in European tech companies.
Google Ventures will offer firms access to new investment, and encourage job creation and economic growth.
“As the tech and finance capital of Europe, London is the natural hub for developing the new economy across the continent and provides the perfect ecosystem for investment in new tech, digital and creative firms of all sizes,” said the Mayor of London, Boris Johnson.
“Google, alongside many other global investors, recognises the incredible skills and opportunities to be found here. Adding the European arm of Google Ventures to London's roster of digital expertise will help create more jobs, drive more investment and inspire even more tech masterminds to head to our great city.”
Earlier this month, Santander UK also said it will set up a $100 million venture capital fund that will be based in London, where it plans to invest in financial technology start-ups around the world.
The news comes shortly after the first ever London Technology Week. The event saw almost 40,000 attendees visit more than 200 independently run events throughout the capital.