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Betaworks, the NYC-based tech outfit that is most recently known for resurrecting Digg, has purchased a majority stake in Marco Arment's popular read-it-later app, Instapaper.

Arment, who is Tumblr's former CTO, said in a blog post today that Instapaper, which he created in 2008, "has simply grown far beyond what one person can do." Arment will remain an advisor, while Betaworks will take over operations, product development, and staffing.

Betaworks, although not a traditional incubator, is known for adding smaller-scale companies to its growing portfolio, which includes services such as analytics platform Chartbeat, link shortener Bitly, and social media tool SocialFlow.