New York
– AOL (NYSE: AOL) announced on Wednesday that it has established a $10 million dedicated
venture capital fund, which will invest in start-ups in the "local"
space.
"An increasing number of start-ups are fundamentally improving the
local experience for consumers, businesses, governments and organizations
throughout the world," the company said.
"AOL will target these types
of companies with its local fund which will operate out of AOL Ventures."
The
company also announced plans to expand beyond the 40 local communities that its
Patch hyperlocal news platform reaches this year.
It will also re-launch is
City’s Best rankings in major U.S.
metro areas.
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