Boston, MA 10/01/2013 (wallstreetpr) – Steve Case, cofounder of AOL, Inc. (NYSE:AOL) is looking for financing the entrepreneurs trying for building technology companies outside Silicon Valley. He has done this earlier too. The startups costs of which will be bankrolled which will amount to $200 million fund; this was announced by Revolution Ventures fund of Steve Case on Monday. It is planned that the Revolution Ventures fund will make an investment of around $10 million on each startups for the next 3 to 4 years.
The ideas which will be submitted from entrepreneurs inside the Silicon Valley will also be incorporated but Steve Case expects that 90% of the fund will be channelled to those entrepreneurs who live outside San Francisco Bay. It is similar to that of national focus of Revolution LLC $450 million fund launched two years back, though the previous fund makes investments in more mature companies and the investments are also slightly higher of $30 to $50 million.
In an Interview Steve Case said that “There is nothing negative on Silicon Valley. Silicon Valley is Awesome. However there are a number of great entrepreneurs who are located in different parts of the country but don’t have much of capital which is focused on them”. Based on the statistics which are compiled by the National Venture Capital Association and by PriceWaterhouseCoopers about 40% of total venture capital which is invested in the startups at the U.S., focus on Silicon Valley.
Being quite new to the market, Revolution Ventures fund of Steve Case has already invested undisclosed amounts all around the country in four startups. And they are Chicago’s BenchPrep, New York’s Booker Software, Washington, D.C.’s Homesnap and Boston’s RunKeeper.
The stock was up by 0.55% to close at $34.58 on a volume of 1.54 million shares