Susan Lyne is to step down from her role as chief executive of US-based media company AOL’s brand group, and will instead lead a new investment fund backing women-focused companies, news site Re/code has reported.
The $10m-$12m ‘Build Fund’ will focus on finding early-stage technology start-ups led by women.
The fund will make seed and series A investment across a range of companies focused on consumer internet areas, including media and e-commerce.
“We are going to be investing very soon,” Lyne told Re/code. “This is not something that can wait many months — we need to develop a pipeline.”
The role of brand group chief executive will now be split between two people, Maureen Sullivan and Luke Beatty.
Prior to joining AOL In 2013, Lyne was chairman at online shopping website Gilt Groupe. Before Gilt she ran Martha Stewart Living Omnimedia, the media and merchandising company founded by Martha Stewart.
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