US-based internet and media company AOL will spin out venture capital database CrunchBase as an independent company backed by VC firm Emergence Capital Partners, TechCrunch reported on Wednesday.
CrunchBase was formed in tandem with online technology news source TechCrunch, and the two were jointly acquired by AOL in 2010.
The database, which receives about two million unique visitors each month, has drawn up a term sheet with Emergence for between $5m and $7m of funding. AOL will remain a “signficant investor,” according to TechCrunch.
AOL has reportedly been considering spinning off CrunchBase for around a year, and entered talks with another VC firm, Data Collective, over leading a round but talks were dropped over disagreements concerning its future.