Ron Conway, considered the "Godfather of Silicon Valley," said his venture capital firm, SV Angel, will not be raising a new fund. In a Medium post co-authored by the firm's general partners, Conway said it will "scale back the existing SV Angel team" and shift focus to angel investing. He expects to cut checks between $25,000 and $100,000 per company. Founded in 2009, SV Angel made early bets on Facebook, Twitter, and Airbnb.