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.