Google Ventures Invests In Corduro Inc. (GOOG)
Google Inc. (NASDAQ: GOOG) is planning to ramp up its corporate venture activities this year. The internet search giant launched its corporate venture arm last year, and recently augmented its team. Google (GOOG) has reported that the unit now has 11 partners. The venture unit aims to invest $100 million a year and will be eyeing foreign markets in addition to the North American market.
According to Reuters, Google Ventures Managing Partner Bill Maris said that the fund will invest in start-up companies involved in a wide range of activities. He, however, declined to disclose the quantum of investments made in 2009. The fund has recently invested in mobile payment technology company Corduro Inc. Google chief Eric Schmidt has clarified that the venture unit is separate from Google’s mergers and acquisitions team.
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