Search engine giant Google has announced that it plans to open up offices to fund young start-ups at London’s Tech City.
The company said that it has signed a 10 year lease contract for a 7 storey building at Silicon Roundabout, which the government plans to turn into the UK’s answer to the Silicon Valley.
Google said that it plans to make the space available for other organisations that help start-ups grow.
“Google plans to open up the space to other organisations that support technology entrepreneurs, working together to provide a launchpad for new London-based start-ups and developers,” Google said in a statement.
The company failed to give the financial details of the deal, but informed that the money involved was significant.
Google also confirmed that the new office will not have any effect on the company’s headquarters in Victoria, London.
Google said that as the project progresses, the company will announce the names of the organisations it is going to work with and how they will be able to use the space leased by the company.
“East London is already home to hundreds of innovative British start-ups, and has huge potential for economic growth and new jobs over the coming years,” said David Singleton, Engineering Director, Google UK.