Together Fund, a Bengaluru-headquartered early-stage venture capital firm, has achieved the first close of its second fund, targeting a total corpus of $150 million. The new fund is backed by investors from India and the US and will begin deploying capital in the first quarter of 2024, with the final close expected by the third quarter of the same year. Founded by founder-operators including Girish Mathrubootham, Founder and CEO of Freshworks, and Manav Garg, Founder and CEO of Eka Software, Together Fund successfully raised its first fund in July 2021, with a corpus of $85 million. From the first fund, the firm has invested in 20 startups to date.

“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 revolutionize existing solutions and deliver unprecedented value to customers,” he added.

The early-stage venture capital firm has recently invested in three generative-AI companies across healthcare, developer infrastructure, and modern marketing stack in the last three months. With the first close of its second fund, Together Fund is set to further strengthen its focus on SAAS (Software as a Service) startups, enabling them to scale and thrive in the competitive tech landscape. The fund’s successful growth and strategic investments demonstrate its commitment to supporting innovative and promising ventures in India.

“As we venture into the deployment phase of Fund II in 2024, we remain dedicated to fostering the growth of SAAS-focused startups and contributing to the dynamic technology ecosystem in India,” said Girish Mathrubootham, Co-founder of Together Fund. The fund aims to play a significant role in nurturing disruptive technologies and empowering startups to achieve their full potential in the ever-evolving business landscape. Together Fund continues to collaborate with visionary founders and industry leaders to drive innovation and transformation in the SAAS industry.