Marc Michel Leaving Metamorphic Ventures To Launch New Firm

An Aer Lingus aircraft, operated by Aer Lingus Group Plc, stands on the perimeter of the runway at London Heathrow Airport, in this aerial photograph taken over London, U.K., on Tuesday, June 16, 2015. Europe's largest hub at London Heathrow, which has been operating close to capacity since the start of the decade, and rival Gatwick have been short-listed for a new runway by the state-appointed Davies Commission, with a final recommendation due in coming weeks. Photographer: Matthew Lloyd/Bloomberg via Getty Images

Photograph by Matthew Lloyd — Bloomberg via Getty Images

Marc Michel is leaving Metamorphic Ventures, the New York-based VC firm he co-founded in 2006, Fortune has learned.

His plan is to launch a new firm called Runway Venture Partners, which will raise a fund to invest in “seed extension” rounds (i.e., providing more runway) for tech startups.

Michel will continue to help manage Metamorphic’s two existing funds, but he will not be part of a third fund that will be led by firm co-founder David Hirsch.

Prior to co-founding Metamorphic Ventures, Michel was group head at TD Capital (USA), a $500 million private equity arm of TD Bank, and managing partner of EOS Partners SBIC, a $60 million VC fund. He also co-founded a health IT company called Precyse Solutions.