Growth-stage SaaS investor Blue Cloud Ventures has raised more than $52.5 million toward a $100 million target, according to a regulatory filing. The New York firm raised more than $50 million for Fund II, which was its first institutional fund, in 2016. The firm raised $11.8 million for Fund I in 2013. Through the first two funds, the firm says it has invested in 21 companies and realized six exits.
The firm is led by co-founders and Managing Partners Mir Arif and Rami Rahal.