The NYT announces another Silicon Valley-Los Angeles tie-up: This one between William Morris, Venrock, Accel and… AT&T. Richard Wolpert, who’s been acting as both RealNetworks’ chief strategy officer and as an Accel advisor, will oversee the fund.
The fund’s initial financing will be in the tens of millions of dollars, which it will use to start and invest seed money in fledgling companies interested in creating online content and technology for social networking, mobile games and advertising..The founders also want flexibility. While investments are likely to be as small as $250,000, the founders would also consider financing companies that need millions of dollars. Although the emphasis of the fund is on Southern California, investments may be made in other areas.
Still wondering what’s become of a similar fund announced last year by CAA and DFJ.
See Also: How’s Tim Draper’s Media Fund Doing?