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Google Ventures to get Tech City HQ

Google Ventures is set for a European headquarters after setting its sights on London's Clerkenwell area, a short distance away from Old Street's Silicon Roundabout.

According to Bill Marris, managing partner of the VC arm of Google, the search engine giant is looking to locate close to Tech City, where a number of successful startups have already established themselves.

Read more: Google buys UK artificial intelligence startup DeepMind Technologies

The new HQ will aim to become the central hub for the next generation of European entrepreneurs and Google Ventures will receive an initial $100 million (£67 million) in order to develop the project.

Marris explained that Google wanted to tap into the "enormous potential" of the continent's startup scene.

While Google Ventures has been a relatively low-key investment for the search engine giant since its launch five years ago, it has helped the firm to identify and acquire some of the most successful startups in the industry.

The firm operates independently of Google and currently all of its offices are located in the US, with branches in Mountain View, San Francisco, New York and Cambridge. Initial partners included Peter Read, Avid Larizadeh, Tom Hulme, Eze Vidra and tech blogger MG Siegler.

Read more: Tech City's got nothing on Silicon Valley, says Cisco CEO

Notable firms that Google has invested in include Nest Labs, Uber, Hubspot and RetailMeNot.