Revolution LLC's $450 million venture fund will focus on East Coast consumer technology "speedups," companies that "already have some traction" but have not "broken through to the big time," CEO Steve Case told CNBC Friday.
"There’s a lot of capital focused on Silicon Valley, a lot of great companies being formed in Silicon Valley. But not all great companies are formed in Silicon Valley," said Case, co-founder of AOL .
"If you want to focus on the economy, focus on jobs, you have to focus on entrepreneurship," said Case, who is a member of the President's Council on Jobs and Competitiveness and co-chairman of its innovation and entrepreneurship committee.
"We think having more firms investing in companies in the rest of the country, for us east of the Mississippi, is important," he said. "So that is what the Revolution Growth Fundis all about, trying to back these companies and really help speed them up. They're not so much startups but speedups."
The fund is now closed to new funding, Case said, and he's started talking to companies.