Google buying Nest is cozy deal for venture firms

Mean to turn down the heat at home before leaving on that weekend getaway, but forgot? Don't worry, there's an app for that.

And now, it's owned by Google.

Google Inc. (Nasdaq: GOOG) acquired digital-thermostat makers Nest Labs Inc. for $3.2 billion. Bloomberg reports the move is contributing to greater confidence among venture-capital firms, which often bet on companies before they hit it big.

Initial investors are seeing major returns. Kleiner Perkins Caufield & Byers invested $20 million and will see a return of $400 million. Venture capitalists reaped big gains in 2013, with at least 10 firms generating more than $1 billion each in returns from initial public offerings and acquisitions, according to filings and data compiled by Bloomberg.

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