Video:
Rich Miner, Google Ventures
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Google Ventures Partner Rich Miner recently sat down with VCJ, on the heels of the announcement that the corporate VC is increasing its annual fund size from $200 million to $300 million in 2013.
Miner, who co-founded the Android mobile platform, shed insight on Google Ventures’ investment strategies, particularly when it comes to mobile.
The venture arm of Google, formed in March 2009, has primarily focused on seed deals to date. It typically invests in 40 to 50 companies annually.
However, Miner says he doesn’t see the increased fund size signifying a radical shift in strategy. He says they “might be able to do a few more late stage deals.”
In early December, Google Ventures announced it led a $10 million investment round for Adelphic Mobile, which delivers targeted ads to mobile phones. The venture team also participated in a $9 million round for ClearStory Data, a provider of data analytics. Google Ventures also revealed that David Lawee, former Google M&A chief, will be leading a later stage investment group at Google.
In general, Miner, who’s based in Cambridge, Mass., says they are looking for “super bright people with a big idea that has some market that they can bring that product in.”
Although Google Ventures invests in a variety of sectors, Miner is particularly enthusiastic about mobile, saying he’s “excited about the whole space.” Miner says he sees “tremendous opportunity” in startups that have an enterprise rather than consumer focus. Miner also says he likes startups that focus on the “quantified self,” helping users track health and lifestyle profiles.
Other categories where Google Ventures sees opportunity include core technology, gaming, ridesharing, apps, commerce and life sciences.
Miner references mobile payment system LevelUp and gift card app Gyft as investments that he’s excited about.
Despite its young age, Google Ventures has already seen some notable exits. The iPhone game publisher ngmoco was bought in 2010 by Japan’s DeNA for $400 million.
More recently, vacation rental site HomeAway launched an IPO on the Nasdaq in 2011, while smart grid provider Silver Springs Networks is in registration for a public offering.
In talking with VCJ, the Android co-founder goes on to explain why he thinks BlackBerry maker RIM is struggling. Says Miner, “the smartphone wave happened faster than anyone could have predicted…I think a lot of people were caught off guard.”
Miner also shares what kind of background is smart for smartphone employees. “If you look at the leaders in the smartphone space now, they’re all people who came out of a software and developer ecosystem.”
