SaaS growth investor Blue Cloud Ventures wraps up its second institutional fund

Blue Cloud Ventures, which makes late-venture and early-growth capital investments in SaaS companies, closed its second institutional fund, VCJ has learned.

BCV III was oversubscribed, but the exact amount is unknown. The fund closed, VCJ learned, at more than twice the size of the previous fund.

BCV II raised more than $50 million and closed in 2014, according to data from Thomson Reuters.

LPs include a mix of institutions, endowments, foundations, family and high-net-worth individuals. Anchor LP is MassMutual Insurance, which also anchored BCV II.

Blue Cloud Ventures operates with an executive advisory board of more than two dozen active tech CTOs and CEOs, who have also invested in the fund.

The New York firm, which also has offices in London and Singapore, was started in late 2012 as a software-focused venture firm to address gaps in the growth-stage funding market.

It typically invests in SaaS companies with $10 million or more in revenue run rate. Sectors include enterprise business application software, infrastructure software and open source software.

Investments range from $3 million to as much as $10 million in $10 million growth rounds, according to its website.

Investments include OneLogin, Wrike, Clari and Doctor-on-Demand, among others. Portfolio company exits include Tapad, a New York-based cross-device retargeting startup that Telenor bought in early 2016 for $360 million.

Blue Cloud Ventures is led by Founders and Managing Partners Mir Arif and Rami Rahal.

Partners include Kartik Natarajan, who handles investor relations, and Noubar Pechdimaljian, the CFO. The firm has one associate, Eric Guardiola.