Google Ventures, the venture capital investment arm of the search giant, has today launched a $100 million (£58m) investment fund aimed at encouraging the growth of tech startups across Europe.
Based in London, the fund will seek to give firms access to new investment, encourage job creation and push economic growth.
"As the tech and finance capital of Europe, London is the natural hub for developing the new economy across the continent and provides the perfect ecosystem for investment in new tech, digital and creative firms of all sizes," said London Mayor Boris Johnson.
"Google, alongside many other global investors, recognises the incredible skills and opportunities to be found here. (It) will help create more jobs, drive more investment and inspire even more tech masterminds to head to our great city."
Those involved in the European venture are yet to be named by Google, though the Financial Times have named five general partners that it believes will be involved.
They include former Google Campus chief Eze Vidra, investors Peter Read and Tom Hulme, tech blogger MG Siegler and founder of fashion startup Boticca Avid Larisadeh.
The announcement comes less than a month after the first-ever London Technology Week, a series of over 200 events attended by more than 40,000 people.
"Having the Google Ventures fund based in London further enhances our reputation as a city in which European tech companies can find the investment they need to grow their businesses from our growing portfolio of active venture capital firms," said Gordon Innes, CEO of London & Partners.
"I also anticipate Google Ventures will invest in some exciting tech opportunities here in London, helping innovative companies to further develop and turn their tech ideas and fuelling economic growth in the capital."
Google Ventures has already invested in over 250 companies, including smart thermostat firm Nest, ride-sharing app Uber and Big Data platform Cloudera.