Yes, we need another investment/advisory fund for digital media...desperately. With every ex-AOLer on the advisory board. Snark aside, a new investment fund in digital media has been started by Julius Genachowski, former chief of business operations at IAC; Sean Greene, founder of The Away Network; and former AOL (NYSE: TWX) CTO John McKinley. It is called LaunchBox Digital, and operates like an incubator-with-advisors (FirstRound Capital, YCombinator, etc). Next year, Washington D.C.-based LaunchBox plans to hold a contest to select six to 10 entrepreneurs to receive funding of $25,000 to $30,000 and mentoring over a 12-week period. More details in this Reuters story.