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SaaS-focused Together Fund launches $150M corpus Fund II

The early-stage venture capital firm has announced the first close of its second fund. The fund, which is targeting a total corpus of $150 million, will start deploying capital in 2024.

SaaS-focused Together Fund launches $150M corpus Fund II

Thursday July 27, 2023 , 2 min Read

Bengaluru-headquartered early-stage venture capital fund Together Fund has achieved the first close of its $150 million fund, backed by India- and US-based investors. The new fund will be deployed starting from the first quarter of 2024, with the final close expected to be completed by the third quarter of next year.

Backed by founder-operators including Freshworks Founder and CEO Girish Mathrubootham and Founder and CEO of Eka Software, Manav Garg, Together Fund raised its first fund in July 2021 with a corpus of $85 million. The firm has invested in 20 startups so far 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 revolutionise 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.

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Together Fund, India’s first operator-led VC, wants to build 'the next 30 Olympic champions in (SaaS) startups'

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 raised 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 statement. 

From its first fund, Together Fund has invested in startups across horizontal application areas like recruitment, sales intelligence and marketing, as well as vertical SaaS companies in healthcare and new categories including cloud for connected devices. 

A recent report by Chiratae Ventures and Zinnov expects the Indian SaaS industry to reach the revenue mark of $26 billion by 2026. The optimism has also led to a rise in the number of SaaS and enterprise technology-focused funds including the likes of Grayscale Ventures which announced its maiden fund in February, and BoldCap which announced its second fund in April, among others.


Edited by Kanishk Singh