Londons rapidly growing tech sector is to receive a further boost from a new $100m (£58m) venture capital fund based in the city.

The new fund, launched by Google Ventures, the venture capital investment arm of the search giant, will invest in European tech companies, with the aim of helping tech companies across the continent grow and develop. According to London & Partners, the citys official promotional organisation, the new fund will give London tech firms an opportunity to access new investment, encouraging job creation and economic growth in the city and beyond.

“We very much welcome the launch of this fund, which is excellent news for Europes tech companies and for London as a whole,” said Gordon Innes, CEO of London & Partners. “Having the Google Ventures fund based in London further enhances our reputation as a city in which European tech companies can find the investment they need to grow their businesses from our growing portfolio of active venture capital firms.

“I also anticipate Google Ventures to invest in some exciting tech opportunities here in London, helping innovative companies to further develop and turn their tech ideas and fuelling economic growth in the capital.”

The funds announcement follows a similar move by Santander UK, who unveiled earlier this month that it would be setting up a large venture capital fund based in London, aiming to invest in financial technology startups around the world. Both funds have been launched shortly after the first-ever London Technology Week, which acted as a showcase of the citys technology strengths and was attended by over 40,000 people.