Cornerstone Ventures, a venture capital (VC) firm that invests in business-to-business (B2B) enterprise technology startups has announced the first close of its targeted $200 million second fund, which is currently at approximately $40 million.

The first close of the fund has seen participation from domestic investors, including new limited partners (LPs) across High-Net-Worth Individuals (HNIs), family offices, corporates, and other institutions, said the company in its statement.

Abhishek Prasad, Managing Partner at Cornerstone Ventures, said, “We are incredibly excited to welcome Mr. Pareek to the team. Having him join us has helped us accelerate our first close as well because of the investor network he brings to the fund. We are even more equipped to help our portfolio companies navigate their growth journeys and unlock meaningful impact across industries.”

The VC firm has also appointed Suresh Pareek as its General Partner. He is the founder of Sukvi Ventures and co-founder of Elephant Canvas LLP—a digital fine art NFT marketplace operating under the brand NewartX.

The firm launched its second fund in April last year. Its investment ticket size ranges from $5 million to $15 million. The firm will start deploying from its Fund-II this quarter.

Launched in 2018, the firm’s first fund backed 21 companies, primarily in Series A and B funding rounds. The firm’s portfolio includes Sharp Cell, End Paradigm, and Credit Nirvana, as well as SaaS marketplace models like Bluebch and Lio.