Prominent Indian venture capital firm, Together Fund, raises an impressive $150M for its second fund, attracting support from renowned founders and investors, to fuel the growth of early-stage SaaS and AI startups.
Bengaluru-based early-stage venture capital fund, Together Fund, has achieved the first close of its impressive $150 million fund, with support from investors based in India and the US. The fund is set to be deployed starting from the first quarter of 2024, with the final close expected by the third quarter of the following year. Founder-operators such as Girish Mathrubootham, Founder and CEO of Freshworks, and Manav Garg, Founder and CEO of Eka Software, are among the backers of this new fund. Together Fund previously raised $85 million for its first fund in July 2021 and has already invested in 20 startups.
Manav Garg, Founding Partner of Together Fund, expressed confidence in the growth of the technology ecosystem in India despite challenging economic conditions, with AI emerging as a crucial asset for enterprises to transform their solutions and deliver exceptional value to customers. The fund’s recent investments have included three generative-AI companies spanning healthcare, developer infrastructure, and modern marketing stack.
Notably, six portfolio companies of Together Fund, including Kula, Privado, RevenueHero, Spendflo, Spry, and Toplyne, have secured follow-on funding, reflecting the fund’s commitment to supporting founders from the early stages of their entrepreneurial journey.
With a focus on both horizontal application areas like recruitment, sales intelligence, and marketing, as well as vertical SaaS companies in healthcare and emerging categories such as cloud for connected devices, Together Fund is strategically positioned to capitalize on the booming Indian SaaS industry. According to a report by Chiratae Ventures and Zinnov, the Indian SaaS sector is projected to reach an impressive revenue mark of $26 billion by 2026.
The rise of SaaS and enterprise technology-focused funds in the market further underscores the optimism surrounding this industry’s potential. Among them, Grayscale Ventures and BoldCap are notable players that have announced their funds to invest in this promising sector.
Together Fund’s significant capital infusion, coupled with the experience and support of renowned founders and investors, promises to fuel the growth of innovative startups in the SaaS and AI domains, driving India’s technology landscape to new heights
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