New Delhi, India – October 29, 2007 – Google today announced two partnerships that further its commitment to fostering innovation in India. Google has invested in the early stage venture capital fund Ventureast TeNet Fund II – a seed-stage fund run by the Tenet Group of IIT, Madras and Ventureast Fund Advisors. Google has also joined the Indian Angel Network, an organization of professionals and companies dedicated to supporting entrepreneurship in India.
The Ventureast TeNet II fund invests in technology that enables early stage entrepreneurs to get their businesses off the ground. Emphasis is placed on technologies and solutions focused on small and medium-sized enterprises and bridging the digital divide in India and global markets. The Indian Angel Network (www.indianangelnetwork.com) brings together entrepreneurs, companies and CEOs from India and around the world to provide money, mentoring and strategic inputs to early stage ventures in multiple sectors.
"The early stages of venture capital financing are underserved in the Indian market, despite their critical importance to the innovation chain,” said Samir Sood, Google’s Head of Corporate Development for South Asia. "These partnerships will help us nurture the growth of start-ups and build a dynamic entrepreneurial environment in India."
Earlier this year Google invested in the venture capital funds Erasmic and Seedfund. 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.
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.
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