TechCrunch editor steps down to head up venture firm

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The founder and co-editor of technology site TechCrunch Michael Arrington is to step down from his editorial position to focus on a new $20 million investment fund. A spokesman for AOL confirmed today that Arrington was stepping down from his editorial role following the setting up of CrunchFund, a new venture capital firm already invested in by TechCrunch owner AOL. Arrington has founded the firm alongside Patrick Gallagher, his partner at

partner at VantagePoint Venture Partners,

according to TechCrunch's database of technology companies CrunchBase. It is reported that AOL is now looking for a new managing editor for TechCrunch while Arrington will remain founding editor. It is also reported that he will continue to write for the site. According to the Wall Street Journal co-editor Erick Schonfeld is to become the site's interim editor while the hunt for Arrington's replacement begins. TechCrunch was bought by AOL last year, with the deal signed on stage at TechCrunch's Disrupt conference.