Cornerstone Ventures launches first close of $200 Mn second fund

Cornerstone Ventures, a SaaS-focused venture capital firm, has launched its first close of its targeted $200 million second fund at approximately $40 million. 

The firm also welcomes Suresh Pareek as its General Partner. He is the founder of Sukvi Ventures and co-founder of Elephant Canvas LLP—a digital fine art NFT marketplace operating under the brand NewartX.

The first close of the fund has seen participation from domestic investors, including new limited partners (LPs) across High Net-worth Individuals (HNIs), family offices, corporates, and other institutions.

The fund would offer flexible ticket sizes ranging from $5 million to $15 million in a mix of early- to growth-stage startups across software platforms and marketplaces operating in sectors such as financial services and insurance, retail, consumer goods and ecommerce, distribution and supply chain, and healthcare products and services.

Since its inception, Cornerstone Ventures has been a partner for innovative startups, deploying strategic capital and expertise. The firm has completed deployments from its first fund, raised in 2018, It has backed companies such as NRT, Blubirch, Mystifly, Olive Gaea, Wigzo (exited), Intelligence Node (exited), and others.