Cloud Apps Capital Partners, a market-focused venture capital firm which backs early stage companies in the cloud business applications sector, has raised $66.7 million towards a $100 million second early stage fund, according to a filing with the Securities and Exchange Commission.
The San Francisco-based firm is head by General Partner Matt Holleran, a former Salesforce.com executive and onetime venture partner at Emergence Capital Partners.
Cloud Apps’ latest fund raised capital from 25 LPs. In May 2015, the firm inked an initial $53.7 million for its first fund to focus on cloud business applications.
The Silicon Valley VC firm leads Classic Series A investments, providing $3 to $6 million and full board support. On Cloud Apps’ website, it describes the Classic Series A round as providing “the right amount to hire key executives, demonstrate your customer success and define your CAC model,” while “operating and investment experience are critical at this stage.”
Cloud Apps hopes to step in where seed investors are unable to provide long-term financial or board-level support, while traditional venture firms require more visible traction prior to investing.
The five-year-old firm targets startups exclusively in the cloud business app sector and leverages its deep industry insight to help entrepreneurs build global, category-leading companies.
The firm indicates that its “hands on operating, go-to-market and investing experience within this market gives us the ability to evaluate, invest in, and help early-stage companies – before product or market traction.”
“Cloud Apps Capital Partners has more direct operating, commercial and venture experience building great cloud business app companies than any other early stage VC firm,” reads the firm’s Crunchbase profile.
“Cloud App Capital’s experience and insights into the cloud business software market have been very helpful over the years,” said David Yarnold, the Chief Executive Officer of ServiceMax, a GE Digital Company which provides cloud-based field service management solutions. Cloud Apps exited ServiceMax in 2016, when it was bought out by industrial conglomerate GE in a deal worth $915 million. Cloud Apps has backed other companies including Hootsuite, Wootric, Insightly, Crowdstrike and Zuora.