A sub-brand division of Google’s parent company Alphabet, called Capital G (previous known as Google Capital) has made two new investments both of which are going to shake up the tech market.
The firm has backed both parent company of Snapchat, Snap Inc and home-sharing app, Airbnb.
Capital G has a focus to add value to start up companies, using its expertise and knowledge in the IT and marketing sectors to identify and help growth-stage startups.
The investment to Snap and Airbnb was disclosed earlier when the social networking firm’s logo was added to the investment portfolio page of the company’s website. However no formal announcement has been made so specific dates and amounts of investments are unclear.
Previously Snapchat reportedly turned down a $4 billion buyout bid from Google and also a similar $3 billion from Facebook. However given the app now more heavily uses Cloud Based services, the partnership is not as surprising.
More recently Snap Inc and Google’s names have been linked together, after Snap announced the launch of their first hardware product, Spectacles. The venture was received more positively in the market in comparison to Google’s failed Google Glass.
Capital G changed its name from Google Capital on the 5th of November stating that,
“Though our name has changed, our goal remains the same: to make returns-driven investments in leading companies around the world and help entrepreneurs rapidly grow their businesses.”
So far both companies are yet to comment on the investment.