GV, formerly known as Google Ventures, is the Bill Maris-founded venture capital investing arm of Alphabet Inc. Since 2015, the company has been autonomous from Alphabet’s Google, the search and advertising powerhouse, and has been making investment decisions based on financial considerations alone.
Aside from the traditional tech sectors of the Internet, software, and hardware, GV is also interested in investing in promising new businesses in the disciplines of life sciences, healthcare, artificial intelligence, transportation, cyber security, and agriculture. In 2009, Google established an investment arm called Google Ventures (GV).
History
Bill Maris, who later became GV’s first CEO, established the company on March 31, 2009, with an initial capital commitment of $100 million. The fund currently has $2 billion under administration, and in 2012, its annual contribution increased to $300 million. A total of $125 million was pledged in 2014 to fund innovative businesses across Europe. In 2014, it had already backed businesses like Shape Security. The corporation changed its name to GV and unveiled a new logo in December 2015.
Since the beginning of 2016, when it was founded, GV has been less involved as a seed investor and more involved with established businesses. GV hired Candice Morgan as its first Diversity & Inclusion Partner in 2020, and in the same year, Terri Burns became the company’s first Black female partner, having previously held the position of principal.
Open source platforms will unlock more enterprise value.
GV Partner @vidushanmug spoke with @deepset_ai co-founder @rusic_milos about the launch of deepset Cloud and the market forces driving NLP — https://t.co/rO4U2I28Yv pic.twitter.com/mg99BuUBGh
— GV (@GVteam) September 26, 2022
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In the Medical Industry, Google Ventures Has Established a Remarkable Foothold
A subsidiary of Alphabet, Google Ventures (GV) was established in 2009 after being separated from Google. The firm manages over $8 billion in assets and has stakes in numerous well-known businesses and organizations throughout the globe.
The firm’s commitment to and enthusiasm for the healthcare sector is demonstrated by the focus of many of its most visible investments there.
A good example is Flatiron Health, which describes itself as “a health tech company dedicated to improving cancer treatment and advancing research” and which works with “hundreds of cancer centers, 20+ top global developers of oncology therapeutics, and researchers and regulators from around the world.”
Although it had humble beginnings, the healthcare and pharmaceutical powerhouse Roche purchased the company in the end. Since then, these organizations have collaborated to make great strides toward improving oncology care and study.
Thanks to @FortuneMagazine for highlighting health tech innovation and recognizing @kyeshwant’s work in the space 🎉— https://t.co/gMqQbyf1nr pic.twitter.com/HpbHlrF2em
— GV (@GVteam) September 23, 2022
Editas, a pioneering biotechnology firm in the field of gene editing, is another well-known example. The company’s stated goal is “We have constructed a platform that leverages CRISPR gene editing, a novel way to produce medications. Recent developments in this field have made it feasible to alter nearly any gene in human cells, raising hopes that more disorders may soon be amenable to treatment.
As a result of the company’s meteoric rise, an IPO at a price of $16.00 per share was announced in 2016. In the years thereafter, it has continued to develop innovative tools and techniques for gene editing.
We invest across the whole healthcare spectrum, including care delivery, health IT, devices, diagnostics, and pharmaceuticals,” GV has stated regarding its healthcare philosophy. Our focus is on organizations that are at the forefront of integrating health and IT.
An interview with Benjamin Robbins, M.D., a venture partner at GV, appeared in the American Journal of Managed Care, in which Robbins elaborated on GV’s investment criteria and the company evaluation process.
“The method that we like to follow is that we spend pretty much all of our time building up a thesis or our opinions on a specific field before we start looking at companies in that space,” despite the fact that the world of venture capital is full of fast-moving, competitive deals. We can’t deny the existence of opportunistic investments, no matter how hard we try to avoid them. From time to time, people we know in our network will refer businesses looking for investors to us. This isn’t a part of some profound argument, so we have to wing it.
The typical process for making an investment in such a company goes something like this: “We meet the team, we have to do the stuff that we’d like to do over a longer period of time in building a thesis after we meet the company, to validate what they’re thinking about, validate who’s on the team, validate business models, and then we will make an investment from there.”
If Alphabet’s expanding investments in healthcare is any indication of interest, GV will undoubtedly continue to shine in the healthcare field in the years to come. Whether it’s through its cloud platform, its general dedication to healthcare solutions, or through specialized platforms like CareStudio, Alphabet has significantly increased its foothold in the healthcare business over the past decade.
How Much Did Google Venture Invest In Uber?
According to a certificate discovered today by AllThingsD, Uber has raised $361.2 million in its most recent funding round. There is no explanation for why TPG, which acquired 775,092 shares, paid less than the average participant. The company invested a total of $88.4 million in Uber at a later stage. An additional $15 million came from Benchmark, an existing investment.
The combined market value of Uber’s new Series C-1 and Series C-2 stock represents the company’s overall funding round. Each of the 1,913,782 Class C-1 shares is valued $142.54, while each of the 775,092 Class C-2 shares is worth $114.03. The total value of the C class is $361.2M when the value per share is multiplied by the number of shares. According to the term sheet, C-2 investor TPG was granted a seat on the Uber board.
What makes this funding round so intriguing is, however, not made clear in this document. The paper states that the black automobile on-demand service has raised $103.4 million from TPG and Benchmark, plus someone who purchased an additional 1.8 million shares. Both Kara Swisher and I can confirm that Google Ventures is the leading investor in this round, contributing $257.79 million to the automobile service. Uber was valued at $3.4 billion before the funding round and $3.76 billion after.
Congrats to @rome_tx and Areteia Therapeutics on being recognized on this year’s @endpts 11 list! 👏 — https://t.co/E1RQMCEWYq pic.twitter.com/6Bb0v7n4DA
— GV (@GVteam) September 22, 2022
David Krane, General Partner at Google Ventures, was responsible for leading the investment. We hear that Google Ventures was heavily involved in sourcing and negotiations, thus even if the investment was made at a later stage, it was not a Google Capital deal. This sum represents 86% of Google Ventures’ annual $300 million dollar fund, and it is unknown if the company would continue to make such large investments in the future.
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