In an effort to extend its reach to start-up companies, Google is planning to establish its own venture capital (VC) arm very soon, the Wall Street Journal reported.
The company has hired William Maris, a web entrepreneur and investor, for setting up the venture, and company’s Senior Vice President, David Drummond, is said to lead the endeavour.
Maris has already worked with Anne Wjocicki in launching a health investment fund, named, Catalytic Health; Wjocicki is wife of Google’s co-founder Sergey Brin.
The new arm would help Google in assuming a more formalised role in supporting the start-ups to grow comprehensively.
As of now, VC investing is passing through tough times, and according to Dow Jones VentureSource reports, VC investing has dropped down by 12 percent in second quarter, in comparison to the same period a year back.
The new move may prove to be a boon for several start-up firms, as Google has an incredible track-record of helping several start-ups in the past.