Bengaluru-based early-stage venture capital fund, Together Fund, achieves the first close of its $150 million fund, supported by investors from India and the US. Deployment of the new fund will begin in Q1 2024, with the final close anticipated in Q3 of the following year.
So far, the firm has invested in 20 startups from the first fund. “Raising our second fund speaks to the remarkable progress of our existing portfolio and the technology ecosystem in India, even amidst challenging funding and macroeconomic conditions,” said Manav Garg, Founding Partner of Together Fund in a statement.
“The bright spot ahead in the business landscape is AI and we believe it’s becoming an increasingly indispensable asset for every enterprise to revolutionize existing solutions and deliver unprecedented value to customers,” he added. The fund has invested in three generative-AI companies across healthcare, developer infrastructure, and modern marketing stack in the last three months.
Six portfolio companies of the fund, including recruitment automation platform Kula, data privacy compliance company Privado, sales pipeline acceleration platform RevenueHero, SaaS buying and optimisation platform Spendflo, healthtech SaaS firm Spry, and lead-management solution provider Toplyne, have secured follow-on funding.
“In light of this once-in-a-generation SaaS and AI opportunity, we are extending our founder-first philosophy with our second fund, supporting founders from the inception stage of their journey,” Girish Mathrubootham, Founding Partner of Together Fund, said in a release.
Together Fund’s investments from its First Fund encompass a wide range of startup domains, including recruitment, sales intelligence, marketing, and vertical SaaS companies in healthcare. Additionally, the firm has diversified its interests to encompass emerging categories like cloud for connected devices.
The early-stage SaaS focused VC raised its first fund in July 2021 with a corpus of $85 million, backed by founder-operators including Freshworks Founder and CEO Girish Mathrubootham and Founder and CEO of Eka Software, Manav Garg.
