First Round raises $175 mln for sixth fund, Howard Morgan to step aside

First Round Capital said it raised $175 million for its sixth seed-stage fund and that firm co-founder Howard Morgan would step aside at the end of the year.

The new fund is the same size as First Round’s fifth fund from 2014. It isn’t clear if Fund V is fully invested.

In a blog post, co-founder Josh Kopelman said Morgan would return to angel investing, but not without making a cameo in the firm’s iconic holiday video.

In his place, Brett Berson was named partner.

Morgan, who was a professor at the Wharton School at the University of Pennsylvania before co-founding First Round with Kopelman in 2004, is 70 years old, according to a Wikipedia profile.

The new find, First Round Capital VI, closed in August and attracted the participation of 72 LPs, according to a filing with the SEC.

First Round filed an amended Form D on Sept. 9 that lists six partners in Fund VI: Berson, Kopelman, Phin Barnes, Chris FralicRob Hayes, and Bill Trenchard. The original filing omitted Berson and Fralic. First Round also filed an amended Form D for a partner’s fund of $5.55 million, First Round Capital VI Partners Fund, with all six partners participating.

Performance data isn’t available for First Round’s previous funds.

The firm’s portfolio includes unicorn car service Uber, as well as meal-delivery service Blue Apron, vintage clothing retailer ModCloth, and online glasses retailer Warby Parker.

Note: This story was updated on Sept. 9, 2016, to reflect new information from two new Form D filings.