TechCrunch founder leaving AOL-owned blog

NEW YORK -- Michael Arrington, founder of the popular technology blog TechCrunch, is leaving the blog and its owner, AOL, to work on the venture capital fund he recently started.

Arrington, 41, sold TechCrunch to AOL nearly a year ago. When he and AOL CEO Tim Armstrong announced the acquisition last September, Arrington had said he expected to stay with the company for at least three years.

In a statement, AOL spokeswoman Maureen Sullivan said the "TechCrunch acquisition has been a success for AOL and for our shareholders, and we are very excited about its future."

"Michael is a world-class entrepreneur and we look forward to supporting his new endeavor through our investment in his venture fund," she said.

Arrington started his venture capital firm with an initial $20 million. Its investors include AOL as well as venture capital firms such as Greylock partners, Kleiner Perkins Caufield & Byers and Sequoia Capital.

Erick Schonfeld, who joined TechCrunch in 2007, has been named its editor.