American venture capital firm CrunchFund is raising $40 million for its second investment fund, according to a regulatory filing. The said document was cited in a report published by TechCrunch today.

Michael Arrington, the founder of TechCrunch, launched CrunchFund in 2011 with $20 million in funding. Internet firm AOL was one of the biggest backers of the fund. AOL had acquired TechCrunch about a year ago, the report detailed.

Since its launching, CrunchFund has supported many tech-related startups. The California-based company's most recent investments include location-sharing app Highlight, journaling app Heyday, and video-sharing app Mindie, the report said.

According to a recent report by Fortune's Dan Primack, the San Francisco firm is actually aiming for $30 million for its new fund. Primack also said the firm would have no trouble hitting its target but the investors for the second fund would likely be a different mix from the first, TechCrunch reported.