Cornerstone Ventures, a venture capital firm focused on business-to-business (B2B) corporate investments, announced Wednesday the launch of its second fund with $200 million in capital and a greenshoe option.
Through this fund, investments will be made across stages, with a focus on early growth stage venture capital investments. We offer flexible ticket sizes from $5 million to $15 million.
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In addition to capital, the fund will provide entrepreneurs with access to a customer ecosystem of large companies, access to strategic capital from incoming investors, and a large network of mentors and go-to-market partners, according to the company. This is also the purpose.
Through this fund, Cornerstone Ventures will invest in financial services and insurance, retail, consumer goods and e-commerce, distribution and supply chain, healthcare products and services, and sector-agnostic core technology innovation.
“Our second fund builds on the success of Fund-I and underlines our commitment to supporting emerging B2B enterprise tech opportunities. We are building in India for the world. We aim to support the largest value-creating companies in this ‘next generation enterprise technology’ space, whether they are building exclusively for the domestic market or the domestic market,” said Abhishek Prasad, Managing Partner, Cornerstone Ventures. says.
“We particularly favor innovations that accelerate core business processes, engage multiple stakeholders across the value chain, create multiple revenue streams, and deliver demonstrable profitability at the account level. “Businesses like this don’t need capital to maintain, they actually need capital to drive growth,” he added.
Cornerstone launched its first fund in mid-2019 with approximately $50 million in size and is currently deployed across 21 portfolio companies primarily focused on B2B enterprise software-as-a-service (SaaS) business models. It has been.
The fund is supported by the Government of India’s Department for Promotion of Intra-Industry Trade (DPIIT) Fund of Funds (managed by SIDBI) and the Self-Reliant India Fund managed by the State Bank of India (SBI), India’s largest bank. , since then, the cumulative revenue base of the entire portfolio has grown more than four times, contributing to the creation of over 1,000 direct jobs and over 15,000 indirect livelihoods.
Cornerstone said it is preparing to bring several such large institutional investors into Fund-II as well.
