Iron Pillar, a venture growth investor, has closed $129 million for its first ever Series B/C stage fund focused on investing in global cloud software companies from India. 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 two Endowments and a Foundation. Since its founding in 2016, Iron Pillar has been an active investor in multiple global cloud software companies built from India, including Uniphore, Servify, CoreStack, Ushur, Jiffy, Sibros and Pando.
This fund will continue to focus on backing companies that are transforming the cloud ecosystem globally, with a strong emphasis on Software as a Service (“SaaS”) and Cloud Infrastructure across key investment themes such as cyber security and governance, DevOps tools, future of work and education and automation.
“Iron Pillar is built on a fundamental belief that Indian founders will build large technology companies, not only for India, but also for global markets. We are thrilled to have raised the first ever growth stage fund with a dedicated focus on investing in global cloud software companies from India. The global cloud opportunity is growing at an unprecedented pace, and we believe that Indian founders will continue to build some generational businesses in this space. We look forward to actively supporting these founders in their growth stage with this fund.” said Anand Prasanna, Managing Partner, Iron Pillar.
Over the past seven years, the firm has backed many companies in cloud software and consumer tech, including Uniphore, Servify, FreshToHome, BlueStone, Skill-Lync and Curefoods. The firm initally 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. In addition to capital, Iron Pillar’s portfolio companies benefit from the firm’s extensive global network, providing access to potential customers, strategic partners, C-suite technology executives and additional sources of capital. The firm currently has nearly $500 million in Assets Under Management (AUM).
“We are proud of the growth and success of our portfolio companies and are looking forward to supporting more such companies in their growth journey. The cloud ecosystem is rapidly evolving, and we are confident in our ability to help entrepreneurs create market-leading companies in India and around the world,” said Mohanjit Jolly, Partner, Iron Pillar.
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Published on April 5, 2023
