Cornerstone Ventures, a venture capital firm specializing in Software-as-a-Service (SaaS) investments, has announced the first close of its second fund at approximately $40 million. The firm, targeting a total fund size of $200 million, continues its mission to back innovative startups with strategic capital and expertise.
New Leadership Addition
As part of this new phase, Cornerstone Ventures has hired Suresh Pareek as its General Partner. Pareek is a seasoned entrepreneur, founder of Sukvi Ventures, and co-founder of Elephant Canvas LLP, the company behind the digital fine art NFT marketplace NewartX. His extensive experience in investment and technology aligns with the firm’s vision of fostering innovation.
Diverse Investor Participation
The first close of the fund witnessed participation from a range of domestic investors, including High Net-worth Individuals (HNIs), family offices, corporations, and institutional partners. This diverse pool of Limited Partners (LPs) highlights confidence in the firm’s ability to identify and nurture high-growth opportunities.
Focused Investment Strategy
Cornerstone Ventures’ second fund aims to provide flexible investment ticket sizes between $5 million and $15 million, catering to early- and growth-stage startups. The firm will focus on startups operating in software platforms and marketplaces across key sectors, including:
- Financial services and insurance
- Retail, consumer goods, and e-commerce
- Distribution and supply chain
- Healthcare products and services
Track Record and Future Plans
Since its founding in 2018, Cornerstone Ventures has built a strong portfolio, completing deployments from its first fund. The firm has supported innovative companies such as NRT, Blubirch, Mystifly, Olive Gaea, and Wigzo, with successful exits from Wigzo and Intelligence Node.
With the second fund, Cornerstone Ventures aims to scale its impact, empowering startups with resources and expertise to drive growth and disruption in their respective industries.
