The Fabric, a Mountain View, California-based co-creation foundry focused on the cloud and infrastructure sector, raised $15m for its third dedicated pool of capital.
Investors include Verizon Ventures and March Capital Partners.
The final target of the fund, which is expected to close by the end of April, is $20m. This will bring the foundry’s total investment raised to $41m for the creation and development of cloud and IoT infrastructure companies.
Founded in 2012 by industry experts Rajan Raghavan, Prabakar Sundarrajan, and Sumant Mandal, the Fabric co-creates companies with entrepreneurs, funds and launches the companies through to Series A investment. It has since co-created eight companies, including VeloCloud, Perspica, Appcito, IoTium, Pensa, Spanugo, KMesh, and Rosetta Cyber Security. Three of them have already been acquired: VeloCloud acquired by VMware, Perspica acquired by Cisco, and Appcito acquired by A10 Networks.