Investment firm DAG Ventures is starting a $500 million fund called DAG Ventures V-QP, according to a recent filing with the securities and exchange commission.

DAG Ventures joined the Web 2.0 investment fray around 2006 by backing companies like Podshow, Friendster and Grouper. It has also invested in mobile payments provider Boku and restaurant-discovery site Yelp.

The firm is known for investing in Web 2.0 companies, information technology companies and clean technology companies like Harvest Power. It finished raising $425 million for its most recent fund, DAG Ventures IV-QP, in February last year.

VentureBeat has contacted the firm for confirmation.