My old boss used to say that a story is something you’d tell someone in a bar or at lunch, so I’m going to tell you guys the tale I’ve been telling people at bars and lunches. Yesterday, Aol Ventures head Mike Brown announced through Dan Primack that he’d be leaving Aol to start his own VC firm, Bowery Capital.
The most interesting part of this story is that Bowery Capital was actually hatched at 670 Broadway in New York, which has the distinction of ALSO BEING THE TECHCRUNCH NEW YORK OFFICES. I’m sitting here right now, and it’s pretty hard to miss the presence of the new firm. Seriously, the Bowery Capital swag and logo is everywhere, and there is literally a pamphlet for their CRO conference on my desk (see below).
In fact, the snazzy team headshots on the new Bowery Capital website were actually taken by a TC videographer. As a favor!
Brown told Aol he wanted to do this last April, and started raising his $33 million fund in October. So, it’s been in the works for a year. When asked why they never got curious as to what was going on beneath their noses and report the story — like what usually happens — one TechCrunch New York staffer said, “I don’t know.”
Well I don’t know whether to laugh or to cry.