SV Angel Raising $40 Million For New Fund

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According to an SEC filing, SV Angel may be raising another $40 million for a new fund. The filing shows that a fund, titled SV Angel IV, is in the process of raising $40 million, but the sale has not yet taken place.

SV Angel, which was co-founded by angel investors David Lee and Ron Conway, has invested in companies such as Twitter, Zynga, Square, Hipmunk, Fab.com, Path, and Airbnb. The firm most recently raised $20 million in the Spring of 2011.

Earlier this year, we heard that Lee is solely running SV Angel, with Conway still maintaining a large vested interest. At the time, Lee said that he was possibly raising additional money for the firm.

As Conway told TechCrunch founder Michael Arrington (who is a limited partner in SV Angel) last year, SV Angel typically invests in 2 to 3 startups per month, but 5 qualified deals a day are referred to them through their network. Clearly, there’s lots of deal traffic heading their way and a new fund means more money for the startup ecosystem.

We contacted Lee, who declined to comment.