Iron Pillar, a venture growth investor, has raised $129 million for its first-ever Series B/C stage fund that focuses on investing in global cloud software companies from India. The fund is part of Iron Pillar Fund II, a series of funds. The new fund will back firms that are transforming the global cloud ecosystem, with a strong emphasis on Software as a Service (“SaaS”) and Cloud Infrastructure across investment themes like cyber security and governance, DevOps tools, the future of work and education and automation.

Iron Pillar was founded in 2016 and has been an active investor in several global cloud software companies built from India, including Uniphore, Servify, CoreStack, Ushur, Jiffy, Sibros and Pando. The firm has previously backed many companies in cloud software and consumer tech, including FreshToHome, BlueStone, Skill-Lync and Curefoods.

Iron Pillar’s portfolio companies not only benefit from the firm’s capital but also from its extensive global network, providing access to potential customers, strategic partners, C-suite technology executives and additional sources of capital. The firm 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.

Iron Pillar has reportedly attracted several investors from the US, Europe and the Middle East. The fund has also seen participation from two Endowments and a Foundation. The firm believes that Indian founders will build large technology companies not only for India but also for global markets. The global cloud opportunity is growing at an unprecedented pace, and the firm believes that Indian founders will continue to build some generational businesses in this space.

“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. We look forward to actively supporting these founders in their growth stage with this fund,” said Anand Prasanna, managing partner, Iron Pillar.