The rumours were true: Google has broken cover with its new Google Ventures VC arm, which will have $100 million to invest in startups in its first year of operation.

The division is looking to invest in a range of companies - both type and size/stage - with plans to take on the biggest VC firms in Silicon Valley.

"We think we can perform alongside the top-tier VCs,” managing partner Rich Miner tells the Financial Times.

"We're trying to shine a light and find startups and entrepreneurs and people doing amazing things at a time when a general malaise has gripped the economy and people."

Miner's involvement had sparked speculation that Google Ventures would have some kind of focus towards mobile - Miner was one of the founders of Android.

However, that doesn't appear to be the case, although that doesn't mean Android developers or services can't apply for a share of Google Ventures' investment fund.