TechCrunch founder Arrington starts VC fund, reports say he stepped down as tech blog editor

SAN FRANCISCO – Michael Arrington, founder of popular tech blog TechCrunch, is starting a venture capital firm with an initial $20 million to invest in the same kinds of startups that TechCrunch often covers.

The fund’s investors include tech company AOL Inc., which bought TechCrunch last year for an undisclosed amount, and a number of prominent venture capital firms such as Greylock partners, Kleiner Perkins Caufield & Byers and Sequoia Capital.

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Arrington will be heading up the fund with Patrick Gallagher, who is a partner at VantagePoint Capital Partners.

According to a media reports, Arrington will no longer be TechCrunch’s editor, but his involvement in the site beyond that remains unclear. AOL did not respond to multiple requests for comment Friday.