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The fund will be around $5 million, making relatively small investments from $50,000 to $150,000 per deal. Some of Sacca's current investments, including Twitter, will be moved to the fund, Arrington says.
Many of Sacca's investments are in the social media/mobile/sharing/self-publishing industries, including Tumblr rival Posterous, URL shortener Bit.ly, email publishing tool FanBridge, and Twitter, so it seems logical that some of his next investments could be in the same areas.
Sacca's last job at Google was "Head of Special Initiatives," where he worked on Google's wireless projects, like "opening" part of the FCC's latest spectrum auction, and its Mountain View wi-fi network. He also "spearheaded many of Google's business development and M&A transactions," according to his public Google profile.
More recently, he spent a big part of July bumming around France with Lance Armstrong's team during the Tour de France. (We wouldn't be surprised if Armstrong was an investor in Sacca's fund.)