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.
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Contributing Editor
Stuart is a freelance journalist and blogger who's been getting paid to write stuff since 1998. In that time, he's focused on topics ranging from Sega's Dreamcast console to robots. That's what you call versatility. (Or a short attention span.)
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