SaaS-focused venture capital firm Cornerstone Ventures has closed its first round of funding for its second fund, which has a target of $200 million, at a cost of about $40 million.
Additionally, the company is pleased to welcome Suresh Pareek as a General Partner. He co-founded Elephant Canvas LLP, a digital fine art NFT marketplace that operates under the name NewartX, and he is the founder of Sukvi Ventures.
Domestic investors, including new limited partners (LPs) from corporates, family offices, High Net Worth Individuals (HNIs), and other institutions, participated in the fund’s first close.
The fund would invest in a variety of early- to growth-stage startups across software platforms and marketplaces operating in sectors, with flexible ticket sizes ranging from $5 million to $15 million.
Cornerstone Ventures has been a partner for creative startups since its founding, providing strategic capital and knowledge. NRT, Blubirch, Mystifly, Olive Gaea, Wigzo (exited), Intelligence Node (exited), and other companies have been backed by the firm since its first fund was raised in 2018.
