Iron Pillar closes new fund at $129 Mn to back SaaS startups

Venture capital firm Iron Pillar, which has invested in companies such as FreshToHome, Uniphore, Servify, and CureFoods, has marked the close of its Global Cloud Fund II with a corpus of $129 million. This fund is a part of Iron Pillar Fund II series of  Funds. 

Apart from Iron Pillar’s existing institutional investors from the US, Europe and the Middle East, the fund also saw participation from new investors including Endowments and Foundation.  

Iron Pillar has been an active investor in multiple global cloud software  companies built from India including CoreStack, Ushur, Jiffy, Sibros and Pando.  

The cloud fund, as the name suggests, will invest in Series B and C rounds of cloud software companies or software-as-a-service (SaaS) firms from India that sell their services globally. The fund’s deployment is led by Prasanna and Mohanjit Jolly. 

The firm has a unique investment model where it leads Series B / C rounds in its portfolio companies and later doubles down on the breakout businesses with 5x to 10x of its initial investment. It currently has nearly $500 million in assets under management, which includes $300 million in Fund I series, $129 million under the global cloud fund and several special purpose vehicles. 

According to Entrackr’s quarterly funding report for March quarter, nearly 18 venture capitals have raised fund launches to back Indian startups from early to growth stage.