January 15, 2025: Cornerstone Ventures Fund, (CSVP) which is a SaaS enterprise venture fund, on Wednesday revealed it has secured $40 million as the first close for its $200 million second fund. The firm typically in early-stage companies with a proven product-market fit i.e., a commercial validation of the value proposition. The company prioritises healthy unit economics where capital enables scale and expansion to new markets.
Abhishek Prasad, Managing Partner of Cornerstone Ventures, expressed “We are even more equipped to help our portfolio companies navigate their growth journeys and unlock meaningful impact across industries,” said
According to the Venture Capital fund, it has completed deployments from its first fund, investing in startups, including NRT, Blubirch, Mystifly, and Olive Gaea. The VC also got exits from Wigzo and Intelligence Node, among others. The early-stage VC invests around $2-3 million in each startup, and from the second fund, it aims to increase this figure to $5-7 million.
The deployment from the second fund is anticipated to commence this quarter of the year. Cornerstone Ventures, in the second fund, is aiming to invest in a broad array of sectors, encompassing financial services and insurance, retail, consumer goods and ecommerce, distribution and supply chain, and healthcare products and services. Morever, the fund will support sector-agnostic technology innovations.
The firm also stated Suresh Pareek has been onboarded as the General Partner. Pareek is the founder of Sukvi Ventures and co-founder of Elephant Canvas LLP—a digital fine art NFT marketplace operating under NewartX.
“At Cornerstone Ventures, I look forward to working with a dynamic team to back ventures that prioritise innovation, resilience, and long-term value creation.” said, Pareek.
According to a statement, the first close saw participation from family offices, high-net-worth individuals (HNIs), and other institutions.
The early-stage venture capital firm earlier launched its second fund in April 2024. It had launched its first fund worth $50 million in 2019.
Software-as-a-Service or SaaS to dominate market – Cornerstone Ventures
The VC’s investments are in software businesses catering to enterprise users, across financial services, retail, logistics, healthcare, and select sector-agnostic opportunities.
According the company, the fastest growing technology model through the last decade, Software-as-a-Service or SaaS is showing unprecedented valuations and unwavering tenacity that will dominate the next few decades
