SAN FRANCISCO – Venture capital firm Cloud Apps Capital Partners announced the close of its oversubscribed second fund.
The new fund had a target of $75 million and is now oversubscribed at $87 million, with more than 90 percent of the capital coming from university endowments, large foundations and other institutional investors. Cloud Apps Capital Partners now manages $140 million across its first and second funds.
The firm’s portfolio includes late stage venture companies Zuora, ServiceMax, HootSuite, and CrowdStrike, in addition to Propel, an emerging category leader.
Led by former Salesforce.com executive and venture capitalist Matt Holleran, Cloud Apps Capital Partners targets early-stage companies in the cloud business applications sector. Leveraging several decades of combined investing and operating experience in the cloud applications market, the firm supports portfolio companies via its expertise and its rich network of cloud industry executives and experts.
Cloud Apps focuses on Series A investments in the $2 to $10 million range.