Together makes first shut of $150 mn fund

Together Fund, an early-stage enterprise capital agency centered on software-as-a-service (SaaS) firms, has made the primary shut of its second fund that has a corpus of $150 million.

The proceeds of the fund can be used to make early stage funding in SaaS and synthetic intelligence (AI) startups, the VC agency mentioned on Thursday, including the fund has already obtained commitments from institutional traders from the US and Asia.

The agency didn’t say how a lot it raised within the fund’s first shut.

Together Fund is led by founders of Freshworks and Eka Software, and a former government of Matrix Partners.

The newest fund, which comes two years after its maiden fund of $85 million, will add to the early-stage dry powder within the nation.

The fund, much like the earlier car, will put money into areas akin to SaaS, enterprise software program, developer instruments, open supply software program, cloud-native infrastructure, and API-first companies, together with generative AI.

“We are at a liminal second in historical past — a interval of transformative transition the place each enterprise wakes as much as the facility of AI,” the VC firm said. “Amid this paradigm shift, all of SaaS will transform to SaaS.AI—every startup leverages AI in a meaningful way to provide new solutions that are vastly superior to the status quo,” it added.

Together Fund has already invested in three Gen AI companies in healthcare, developer infrastructure, and trendy advertising and marketing stack within the final three months.

Together was co-founded by Girish Mathrubootham of Freshworks, Manav Garg of Eka Software, Shubham Gupta and Avinash Raghava, former executives of Matrix Partners and Accel respectively. Raghava has since left the VC agency and is presently chief government of SaaSBOOMi.

Together was began with a founder-first method, serving to entrepreneurs with information and networks past capital.

“We needed to construct Together as a agency that basically will get founders, serving to India step up its sport within the product world,” Mathrubootham said on Twitter. “Now, with 20 awesome startup teams in the mix, our dream’s turning into reality,” he mentioned.

Through the primary fund, the corporate backed startups akin to procurement resolution Spendflow, developer instrument Insightly, IoT platform Bytebeam, no-code platform NocoDB.

Of these, six portfolio firms (Kula, Privado, RevenueHero, Spendflo, Spry, Toplyne) have raised follow-on funding rounds from international traders, it mentioned.

The second fund will proceed to concentrate on seed and Series A investments with cheque sizes starting from $1 million to $5 million.

“Raising our second fund speaks to the exceptional progress of our current portfolio and the know-how ecosystem in India, even amidst difficult funding and macroeconomic situations,” mentioned Garg.

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Updated: 28 Jul 2023, 01:07 AM IST