Together Fund, India’s first operator-led venture capital firm founded to empower India’s software-as-a-service (SaaS) entrepreneurs, on Thursday announced its second fund worth $150 million, focused on SaaS and Artificial Intelligence (AI) startups.
Together Fund was founded by leading industrial players like Girish Mathrubootham, co-founder of Freshworks, Manav Garg, founder of Eka Software and Shubham Gupta, who used to lead SaaS deals at venture capital firm Matrix Partners India.
The second fund follows an initial fund of $85 million launched in 2021 and dedicated to building and scaling globally successful SaaS startups while establishing India as a true Product Nation. The first close attracted significant interest from institutional investors in the US and Asia. Together Fund II will remain committed to supporting startups at the seed and series A stages, with check sizes ranging from $1-5 million.
In just two years, Together Fund has engaged with over 1,700 startups and invested in 20 exceptional founding teams across horizontal application areas like recruitment, sales intelligence, and marketing, vertical Saas companies in healthcare as well as those creating new categories like cloud for connected devices. Together also has a deep portfolio in developer tools and infrastructure covering modern data stack, no code platform, security and privacy. The portfolio ranges from first-time founders to experienced entrepreneurs, and includes startups from major hubs like Chennai and Bangalore, to companies in tier-2 cities like Surat. Six companies (Kula, Privado, Revenue Hero, Spendflo, Spry, Toplyne) have successfully raised follow-on funding rounds from prominent global investors.
“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. “The bright spot ahead in the business landscape is AI and we believe it’s becoming an increasingly indispensable asset for every enterprise to revolutionize existing solutions and deliver unprecedented value to customers.”
“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,” said Girish Mathrubootham, founding partner of Together Fund. “We are excited to partner with these audacious founders who need bold and committed investors with extensive operating experience to guide and accelerate their journey.”
Over the last three months, Together Fund has already invested in three AI companies in healthcare, developer infrastructure and modern marketing stack.
