AOL Sets Up A New Venture Fund (AOL)

AOL Inc. (NYSE: AOL) has announced it is setting aside up to $10 million for an internal fund committed to “local content” services. The fund has been set up under the aegis of AOL's venture unit. According to company sources, the fund is targeted towards startups involved in complementary technology with a local focus.

AOL (AOL) chief executive officer Tim Armstrong said, “Local is the one area of the Internet that has not been built out in an extensive way. We believe it's an untapped market for the most part." The company is also focusing its attention on digital services and content.