Announced in March as part of the broadcaster's redefinition of its purpose in the digital age, the Four Innovation for the Public (4IP) Fund will invest in digital content projects around the UK.
Channel 4 is to put £20m into the fund over the next two years with regional development agencies and other organisations making up the difference.
Loosemore arrives in October and will report to director of new media and technology Jon Gisby.
Before joining Ofcom in June 2007 Loosemore was Web 2.0 project director at the BBC, which he joined in 2001 as head of broadband.
He was one of the authors of 'Building Public Value', the BBC's strategic vision for the next ten years, and led a major review of the BBC's online activities.
Earlier in his career he was a journalist for Wired magazine and launched local information site Upmystreet.com in 1998.
Gisby said: "Tom's leadership, track record and practical experience in delivering public service content on new media platforms are unparalleled."
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