Google Ventures sets 2010 budget of $100m

Google's venture capital fund has a budget of US$100 million (A$109.85 million) to invest in startups this year, according to reports.

Google Ventures managing partner Bill Maris said at a press briefing at the firm's headquarters on Monday that the fund now has 11 partners and had invested in 10 companies so far.

All the startups have been in North America, but Google will now look abroad, particularly in technology hubs such as India and Asia, according to Reuters.

Google Ventures said on its web site that the 10th company to receive funding is Corduro, a Texas-based organisation that offers payment services for internet and mobile transactions.

The search firm launched its venture arm in March last year as an alternative to its Google.org philanthropic investment fund.

Google Ventures focuses on startups that can offer significant returns, rather than bringing good to society and the environment, and uses the technical and human resources at Google to support the entrepreneurs.

Over the weekend Google Ventures launched a new web site including a list of the 16 members of its team and 10 select advisors.