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Google, Nokia Seek to Seed Startups

Thursday, July 31, 2008
By bMighty.com Staff

Google is reportedly planning to launch a venture-capital arm, joining high-tech names like Intel and Motorola in discovering and growing new companies.
Nokia Growth Partners, which focuses on up-and-coming mobile companies. The company said it wants to find emerging Internet services that are coming out of China and India.

This wouldn't be the first time Google has considered building out a VC group. According to several people briefed about the discussions, Google SVP David Drummond will lead the group, plus the company has hired William Maris, an entrepreneur and investor, to help structure the division. Like Amazon, Google has does some informal funding; the search giant has traditionally favored buying new companies rather than investing in them. For its part, Google hasn't commented.

Meanwhile, Nokia has added $150 million into Nokia Growth Partners, which focuses on up-and-coming mobile companies. The company said it wants to find emerging Internet services that are coming out of China and India.

Source(s): The Wall Street Journal, TechCrunch

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