There's a new seed stage investor in town.

Brooklyn Bridge Ventures, which set up shop at 20 Jay St. in Dumbo, is looking commit up to $500,000 and lead investments in seed and angel stage rounds for new Internet-based companies. The founder, Charlie O'Donnell, was founder of Path101 and principal at First Round Capital. He's been a member of the New York City venture capital and startup community for roughly ten years.

The fund is hoping that several pitches will work their way toward the group. The fund's Web site states: Brooklyn Bridge Ventures should be your first stop to hear either 'I'm not in for the following reasons, best of luck' or 'I don't need to wait to hear what everyone else thinks. I love this and I'm in.'

The call for pitches adds: As a rule of thumb, investors generally look at a team, product, and market. At this stage, being strong in two out of the three areas gives you a good shot at raising money -- no investment opportunity will ever be perfectly giftwrapped, but having too many holes to fill is difficult.

O'Donnell made the announcement Jan. 17 in a blog post on the group's new Web site. As part of the announcement, the fund released a video titled Made in Brooklyn, which is posted below.