New Delhi, February 14, 2007 – Google Inc. today marked its continued commitment to India with the announcement of its investment in two early-stage venture capital funds, Seedfund and Erasmic. India, with its world renowned engineering talent, economic growth and a large local market for technology, is the first place where Google has made a limited partner investment in early stage funds.
“While the rush of large amounts of venture capital into India is well-documented, very little of this trickles down to the really small firms, the early-stage startups,” said Samir Sood, Head of Corporate Development – South Asia, Google. “Google’s goal is to close this gap by investing in early stage funds such as Erasmic and Seedfund, which identify, nurture, and finance innovative startups and help them grow. These early infusions of capital provide an impetus for entrepreneurship in product engineering and will hopefully result in innovations that benefit consumer, internet and mobile services.”
Google’s investment strategy has been to seek out unique products, technologies and engineering teams that can help it provide innovative products to users or enhance existing services. Financial terms of the deals were not disclosed.
Google’s innovative search technologies connect millions of people around the world with information every day. Founded in 1998 by Stanford Ph.D. students Larry Page and Sergey Brin, Google today is a top web property in all major global markets. Google’s targeted advertising program provides businesses of all sizes with measurable results, while enhancing the overall web experience for users. Google is headquartered in Silicon Valley with offices throughout the Americas, Europe and Asia. For more information, visit www.google.com.
Google is a trademark of Google Inc. All other company and product names may be trademarks of the respective companies with which they are associated.