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GLOBAL - Google launches $100m venture fund

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Search engine Google has set up Google Ventures, a $100m venture capital fund designed to invest in early-stage companies.

The fund will explore investment opportunities in the consumer, internet, software, hardware, cleantech, biotech and healthcare sectors. The fund's primary objective is to maximize financial returns rather than purely strategic considerations.

Bill Marris, former portfolio manager of the Sweden-based industrial holding company Investor AB, and Rich Miner, the founder of mobile platforms company Android which was acquired by Google, will head the fund.

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