Mike Brown (pictured), co-founder of AOL Ventures, the corporate venturing unit of the eponymous US-based internet service provider, is setting up Bowery Ventures.

News provider All Things Digital said AOL had committed to Bowery’s first fund, which has raised $33m.

News provider Fortune, which first reported Brown’s departure, said he would focus investments on enterprise technology companies and his colleagues would be fellow AOL Ventures professionals Nic Poulos and Keegan Forte.

Fortune said Bowery venture partners included Neil Capel (founder/CEO of Sailtrhu), Zach Sims (founder/CEO of Codecademy),  David Soloff  (co-founder Premise Data, ex-CEO of Metamarkets), Adam Smith (ex-AOL Ventures/Google, current VP of product at Metamarket).

Jon Brod, the other co-founder of AOL Ventures, said he would continue with a second fund and added to Fortune: “AOL Ventures, which Mike and I started in 2010, has a high performing portfolio of 27 tech start-ups and remains an important part of AOL.…

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