Official Google blog,"Google's newest venture" March 30
Today we're excited to announce Google Ventures, Google's new venture capital fund. This is Google's effort to take advantage of our resources to support innovation and encourage promising new technology companies. By borrowing the best practices of top-tier, financially focused venture capital firms and bringing to bear Google's unique technical expertise and brand, we think we can find young companies with truly awesome potential and encourage their development into successful businesses.
SAN FRANCISCO — Google, which has invested in many startups over the years, will announce on Tuesday that it is creating a venture capital arm whose main objective will be to turn a profit.
Deal Book NYT, today March 31, "Google Announces Venture Fund"
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. Investments will be vetted by William Maris, who joined Google about a year ago, and Rich Miner, a co-founder of Android, a mobile software start-up that Google acquired in 2005.