Crunchbase reports that Crunchfund has 144 investments in 123 companies to date. They include ByLiner, Tumblr, AirBNB, Redfin, Path, Uber, and Yammer. Of 24 exits, one has been via IPO and the rest by acquisition.
Product Hunt raises $880,000 in addition to the $120,000 from Y Combinator. Investors include Kutcher’s A-Grade Investments, Ravikant, CrunchFund, SV Angel, and Greylock. Hoover:
Product Hunt has some advantages when it comes to fundraising. Because investors use it, we don’t have as much of a hard time getting in front of investors.
The founding partner announces he is leaving Crunchfund:
Google Ventures sits in a truly unique space within the venture capital industry. They have the resources to make investments at any stage, but more importantly, they have the talent and knowledge required to do so. The partnership is brimming with experience when it comes to starting companies, building products, and scaling.
The firm also has teams in place to help with basically everything an entrepreneur could ever need. These are the highest caliber people in their respective fields all working under one roof to help the portfolio.
AOL announces that Arrington no longer works at the blog:
AOL is not comfortable with TechCrunch being used as an access point for deal flow.
He had previously been expected to hold both roles, with investors in CrunchFund saying that deal flow via TechCrunch would be an advantage for the fund.
Arrington says he is confused about his employment situation:
I have no idea what AOL’s final position on this will be. I look forward to hearing it.
Huffington says Arrington is now employed by a business group called AOL Ventures which handles business development in a division of the company that has funded CrunchFund. He retains the founding editor title and is able to write unpaid blogs. He is not paid by TechCrunch, and doesn’t report to TechCrunch editors or to Huffington or other AOL Huffington Post Media Group personnel.
Business Insider reports that among the investors in the fund are AOL, Conway, Milner, Benchmark Capital, Horowitz, Andreessen, Redpoint, and Sequoia.
Arrington starts the fund with $20 million. He will run it with Gallagher and Siegler. Arrington:
I don’t claim to be a journalist. I hold myself to higher standards of transparency and disclosure.
He will take a reduced role at TechCrunch but continue to report to Huffington. Investments will be disclosed on the blog. AOL is putting about $10 million into the fund. Armstrong:
We have a traditional understanding of journalism with the exception of TechCrunch, which is different but is transparent about it.