Photo: Michael Seto
Former AOL leaders Steve Case and Ted Leonsis are raising a $400 million private growth equity fund, reports Kara Swisher at AllThingsD.Case led AOL through its huge growth in the 1990s and orchestrated the company’s takeover of Time-Warner. Recently, he’s been posting a lot on Quora about his experiences at AOL back in the glory days. Leonsis was there at the same time in various roles, and ended up as vice chairman.
The new fund will be part of Revolution Growth, which has been around since 2005 and is run by Case, Leonsis, and a third former AOL exec, Donn Davis. Revolution Growth has invested in a number of high-growth companies, including LivingSocial.
Revolution also has a venture arm that has invested in number of startups, most notably UberMedia, which is run by former Idealab founder Bill Gross. UberMedia recently made news when Twitter blocked several of its apps from accessing the service, citing violations of its terms of service; Twitter restored access a little later.