TechCrunch founder Michael Arrington is launching a new venture capital fund called CrunchFund with a major backing from AOL.
The other investors in $20 million CrunchFund I will include Accel Partners, Austin Ventures, Kleiner Perkins Caufield & Byers, Greylock Partners, Redpoint Ventures, Sequoia Capital, the founding partners of Andreessen Horowitz, each of the general partners of Benchmark Capital, Ron Conway, Kevin Rose and Yuri Milner from Russia.
Michael Arrington and Patrick Gallagher will be General Partners at CrunchFund. The fund will make seed and early-stage investments in information technology companies. In September 2010, AOL agreed to acquire TechCrunch for ca. $30 million.
In Russia, internet startups can get venture capital funding from Mangrove Capital, Runa Capital, Yandex, Rambler, and others.