Dallas Venture Capital announces close of $80 million fund for SaaS startups

Bengaluru: Dallas Venture Capital (DVC) has raised $80 million for its early-stage Software-as-a-Service (SaaS)-focussed second fund in the United States.

With this, it has crossed its target corpus of $75 million.

DVC is also currently raising a separate fund in India, DVC India Fund I, to provide opportunities to Indian investors and has raised $20 million of its $50-million target, it said in a statement on Wednesday.


DVC India Fund has invested in enterprise skilling startup Disprz, and anti-money laundering startup IntelleWings.

“Currently, the focus of DVC India Fund is on raising the remaining capital from institutional investors, family offices, and high net-worth individuals keen on participating in the flourishing Indian deep technology B2B SaaS sector,” the venture capital firm said.

Founded in 2020 by serial entrepreneur Dayakar Puskoor, and Abidali Neemuchwala, the former CEO of Wipro Ltd, its team is spread between the United States and India.

The global fund bets on early and growth-stage startup companies focused on leveraging deep tech in the areas of cloud, AI/ML (Artificial Intelligence and Machine Learning), data, and other emerging technologies.

“We are overwhelmed by the response to our DVC Fund II and particularly pleased with the recognition as a cross-border VC by our investors as they benefit from the start-up revolution that is taking place in India,” Puskoor, the managing director of DVC, said.

DVC has invested in 27 startups across the United States and India and exited nine over the last decade.

“We partner with our portfolio companies as mentors offering strategic guidance during the most important phase of the startup’s journey to accelerate their revenues from $1 million to beyond $10 million,” Puskoor added.