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Flush with $1 billion in capital raised a few weeks ago, Pasadena-based Internet incubator idealab! today announced the opening of its first international branch, based in London.
The London office of idealab! -- which in this country has spawned some of the biggest Web players, including eToys, GoTo.com, and Ticketmaster Online-CitySearch -- will nurture both European companies and U.S.-based firms that wish to expand into Europe. CarsDirect.com, for example, has announced its intention to work with idealab!'s London office in developing a European strategy.
Howard Morgan, idealab!'s vice-chairman, says there is also plenty of potential to develop European startups. "What we saw in the U.S. two years ago-- people willing to leave big companies to take a risk on the Internet -- is just now happening in Europe," he says. He adds that Europe is leading the way in wireless, which opens up entrepreneurial opportunities in the area of mobile Internet applications.
The London opening is idealab!'s first major initiative since the company announced three weeks ago that it had raised $1 billion in Series D preferred financing. Investors included BancBoston Capital, Dell Computer, Sumitomo, T. Rowe Price Associates, and 24/7 Media. The company opened branches in San Francisco and New York earlier this year.
By Arlene Weintraub in Los Angeles EDITED BY DOUGLAS HARBRECHT
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