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Tuesday, August 25, 2009

Google announces Venture Fund

The New York Times this week reported that Google will be launching its own venture capital arm investing in new and growing ventures around the globe.

Google, which has invested in many business start-ups over the years, announced late Monday that it is creating a venture capital arm whose main objective will be to turn a profit.

The group, called Google Ventures, is expected to invest up to $100 million over the next 12 months, The New York Times’s Miguel Helft reported. It will be overseen by David Drummond, who will continue in his role as senior vice president of corporate developing and chief legal officer at Google.

This is an almost natural progression of what Google has been doing for some time now and we will keep you posted on any further developments from the search engine turned venture giant.