Home Venture Capital B2B enterprise tech VC Cornerstone Ventures launches $200 million second fund –...

B2B enterprise tech VC Cornerstone Ventures launches $200 million second fund – SME News

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B2B enterprise technology venture capital firm Cornerstone Ventures on Wednesday announced the launch of its second fund with a target size of $200 million including a green-shoe option. The firm said the new fund will focus on emerging B2B tech startups across software platforms and marketplaces in different sectors including financial services & insurance, retail, consumer goods & e-commerce, distribution & supply chain, healthcare products & services, and sector-agnostic core technology innovations.  

The new fund will aim at companies in their early growth stages and will support startups in accessing a large enterprise customer ecosystem, strategic funding from next-round investors and also a large network of mentors and go-to-market partners. 

The ticket size would range from $5 million to $15 million.

Speaking on the new fund launch, Abhishek Prasad, Managing Partner, Cornerstone Ventures, said that the second fund builds on the success of Fund-I and underscores “our commitment to supporting emerging B2B enterprise tech opportunities.”

“We aim to back some of the largest value creators in this space of ‘Next Generation Enterprise Technologies’, whether building in India for the world or building exclusively for the domestic market.” 

Cornerstone Ventures’ first fund anchored by the Government of India’s DPIIT Fund of Funds (managed by SIDBI) and Self-Reliant India Fund managed by State Bank of India (SBI) was launched in mid-2019 with a size of approximately $50 million. It has been deployed across 21 portfolio companies, primarily focused on B2B enterprise SaaS business models, the firm said. 

Cornerstone said it has facilitated $1-2 million additional ARR (annual recurring revenue) and has achieved over 4X growth in the cumulative revenue base from the first fund across the portfolio in just about four years of investing.  

Moreover, the first fund contributed to the creation of over 1,000 direct jobs and over 15,000 in-direct jobs. 

The firm said it is in the process of onboarding several large institutional investors in Fund-II as well and is also in the process of onboarding several marquee investors, founders, and business leaders both as insiders and as advisers to work with entrepreneurs as mentors and customers.

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