A technology focused venture capital fund, Iron Pillar has raised $45 million, as a top-up to its first fund. The top-up fund will help the venture capital firm back specific Fund-I portfolio companies, which are doing well in current market conditions.

Iron Pillar was founded in 2017 by former Morgan Creek director Anand Prasanna, former Citigroup India investment banking head Sameer Nath, and former DFJ India head Mohanjit Jolly. Iron Pillar Fund-I held its final close in 2018, receiving capital commitments of $90 million. Through its Fund-I, Iron Pillar has made eight investments,

and witnessed one exit from SaaS company, Now Floats, which was acquired by Reliance Jio in December 2019.

"The current crisis and its second order effects have reduced the amount of growth capital available for tech companies in India. While some may see this as a formidable challenge, we see this as a once in a lifetime opportunity for high quality tech companies with strong market position. Our top-up fund is a proactive step in that direction to add fuel to our well performing portfolio companies," said Prasanna, managing partner, Iron Pillar.

Iron Pillar said three global institutions, including a global alternatives investor and one large European family office also participated in this top-up fund.

"Marquee LPs have decided to back the Iron Pillar vision especially in the midst of the current pandemic. This is a validation for the strength of our portfolio, credentials of our team and investment strategy," said Mohanjit Jolly, partner, Iron Pillar.

Iron Pillar previously led an investment of ₹60 crore in Mumbai-based edtech startup, Testbook in January, as part of its Series B round. It had also led a $20 million funding in Bengaluru-based online fish and meat retailer FreshToHome, in August.