Google to Commit $100 Million to VC Fund

The Internet search company is expected to announce Tuesday it is committing about $100 million to its venture capital fund in its first year, a report says.

Author:: Joseph Woelfel
Publish date:: Mar 31, 2009 12:37 AM EDT

Google (GOOG) - Get Report is expected to announce Tuesday it is committing about $100 million to its venture capital fund in its first year, a report says.

The Internet search giant said last year it was considering launching a fund but provided few other details, the

Wall Street Journal

reports.

Google is expected to announce that William Maris, a former entrepreneur whom Google hired to start the fund, and Rich Miner, a former executive in its mobile unit, will be partners with the fund, the

Journal

reports, citing people familiar with the matter.

A Google spokesman told the newspaper that Google has been discussing the possibility of a venture capital fund but doesn't have anything to announce "quite yet."

The fund, expected to be called Google Ventures, is seeking to operate less like a traditional corporate venture arm that backs companies related to its product lines, according to the

Journal

. Instead, the company is going to manage for returns and consider a wide range of investments, people familiar with the matter said.