Two Netscape veterans - founder Marc Andreessen, and his longtime business associate and Netscape co-founder Ben Horowitz - have launched a new venture capital fund on Monday, and have named it Andreessen Horowitz. The new fund will support the next generation of new technologies.

Announcing the 'part angel and part typical' fund, Andreessen said that both he and Horowitz have raised $300 million, which they plan to invest in technology companies. Their fund will risk small sums, up to $50,000, on backing new ideas.

Once the Andreessen Horowitz fund sets rolling, the founders intend putting in more money - to the tune of $50 million - for the companies to make an international presence. The new fund's offices will be located amongst the offices of top venture firms, on Sand Hill Road, California.

Aiming to revive the venture capital theory that there are big returns for the talking for smaller funds that make smaller investments in very young companies, Andreessen Horowitz would be on the lookout for companies like Facebook, which began with only $500,000, but has since raised $600 million for its growth.

Saying that Andreessen Horowitz will also invest only in information technology companies - no biotech or clean tech - Andreessen added: "In the venture capital business, 15 companies a year still deliver 97 percent of returns. The key to success is still finding those 15."