Super angel Ron Conway is raising a new fund

Ron Conway, the angel investor who seems to be involved in every significant Web startup funding nowadays, will soon have even more money for his efforts. Conway’s firm SV Angel is raising a new $40 million fund and has already raised around $11.7 million so far, according to a filing with the Securities and Exchange Commission.

When Conway spoke at incubator Y Combinator’s AngelConf event last year, he said that every entrepreneur deserves funding. I don’t think he can quite make that a reality on his own, but it’s not for lack of trying, and with new funding he’ll get closer.

Conway is part of a cluster of investors now called “super angels”, who started out by investing their own money, but have since raised small funds from outside investors, so they exist somewhere between traditional venture firms and angels. (The group has been criticized for funding “dipshit” companies and for allegedly colluding to lower valuations.) Conway already raised a $20 million fund about a year ago, but it seems like his investment plans have become even more aggressive. For one thing, Conway had teamed up with Russian investor Yuri Milner to offer funding to every company that goes through Y Combinator.

I’ve emailed Conway for comment and will update if I hear back.