Founder Collective, a seed-stage investment fund, has rasied $70 million for a new fund (Founder Collective II), according to a blog post from the firm. The fund, which started making investments in 2009, was founded by Caterina Fake, Chris Dixon, Zach Klein, Bill Trenchard, Eric Paley, Micah Rosenbloom and David Frankel. Founder Collective's first fund, which totaled $40 million, has made investments in a number of startups over the past few years including Pair, Milo, SeatGeek, Factual, Venmo, Posterous, Betaworks, BillGuard and Canvas. As Paley, Managing Partner at Founder Collective, writes, Founder Collective I was an exciting experiment. We had all been actively angel investing for several years before we started the fund, but would it work for two of us to be full-time while five of our partners ran startups day-to-day and worked for the fund part-time? Would smart entrepreneurs appreciate the unique elements of our offering and want to work with us? The firm will continue to focus on investing in startups based in New York and Boston (but the firm also makes investments in Bay Area startups as well).