FORTUNE — Last spring we wondered about the future of CrunchFund, the early-stage venture capital firm led by TechCrunch founder Michael Arrington:
Seems we were right.
CrunchFund today revealed in an SEC filing that it is in market with fund number two. The document suggests a $40 million ceiling, but my understanding is that CrunchFund actually is targeting around $30 million. That’s basically the same as the $28 million it raised for its first fund.
More importantly, my source says that CrunchFund already has held around a $25 million first close for the new fund, which includes a new commitment from founding investor AOL (AOL). No word yet on if many of the Silicon Valley venture capital firms that backed the inaugural CrunchFund came back for seconds — although it’s possible that they’d be in a susequent close.
CrunchFund has made more than 115 investments, including notables like AirBNB, Redfin, Path, Uber and Yammer (acquired by Microsoft). Most of its recent deals have been between $100,000 and $500,000 for early-stage companies.
Michael Arrington declined to comment, likely due to SEC marketing restrictions.
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