Cornerstone Ventures, a venture capital firm specialising in early-stage investments within the SaaS sector, announced on Wednesday that it has successfully raised $40 million during the first close of its second fund, which aims to reach a total of $200 million. As detailed in a statement, this initial close garnered contributions from family offices, high-net-worth individuals, and various institutions. Cornerstone Ventures first revealed the launch of its second fund in April 2024, having initiated its inaugural fund of $50 million in 2019.
Abhishek Prasad, Managing Partner of Cornerstone Ventures, expressed that the firm is now better positioned to assist its portfolio companies in navigating their paths to growth while achieving significant impact across various industries. The Managing Partners of Cornerstone Ventures are Rajiv Vaishnav and Abhishek Prasad.
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Also Read: Why enterprise SaaS is at the core of Cornerstone Ventures’ investment strategy.
According to the venture capital fund, it has completed investments from its first fund across several startups, such as NRT, Blubirch, Mystifly, and Olive Gaea. Additionally, it has achieved successful exits from companies like Wigzo and Intelligence Node, among others. The early-stage VC typically invests between $2 million and $3 million in each startup, with plans to elevate this amount to between $5 million and $7 million through the second fund. The deployment process for this fund is anticipated to commence this quarter.
Cornerstone Ventures aims to invest in a diverse range of sectors through its second fund, including:
– Financial Services and Insurance
– Retail
– Consumer Goods and E-commerce
– Distribution and Supply Chain
– Healthcare Products and Services
Moreover, the fund will support technology innovations that are not limited to specific sectors.
The firm also announced the addition of Suresh Pareek as a General Partner. He is the founder of Sukvi Ventures and co-founder of Elephant Canvas LLP, a digital fine art NFT marketplace operating as NewartX. Pareek expressed enthusiasm for collaborating with a dynamic team at Cornerstone Ventures, focusing on ventures that emphasise innovation, resilience, and the creation of long-term value.