The new fund, Lerer Hippeau Ventures V LP, comes after the firm raised a $62 million Fund IV in early 2014. It arrives as investments in the New York metropolitan area soar. Venture investors unleashed $1.71 billion in capital in the third quarter. Lerer Hippeau have been the most active VC in NYC since 2009. The new funds will be used to make larger investments in early stage startups who focus on Consumer & SaaS products