London technology businesses are to be given a $100 million boost with the launch of a new venture fund by Google.

Google Ventures, the investment arm of the online giant, is to launch a new $100 million in the Capital that will invest in European tech firms.

London & Partners, the Mayor’s promotional organisation for London, said the new fund would give London tech firms a chance to access new investment, encouraging job creation and economic growth across the city.

The news follows an announcement by Santander bank of a separate $100 million venture capital fund to be based in London which will invest in hi-tech start-ups across the world.

Boris Johnson, London’s mayor, said: “As the tech and finance capital of Europe, London is the natural hub for developing the new economy across the continent and provides the perfect ecosystem for investment in new tech, digital and creative firms of all sizes.

“Google, alongside many other global investors, recognises the incredible skills and opportunities to be found here.

“Adding the European arm of Google Ventures to London's roster of digital expertise will help create more jobs, drive more investment and inspire even more tech masterminds to head to our great city."