Early-stage venture capital firm Exfinity Venture Partners on Thursday said it has partially exited its investment in cybersecurity platform CloudSEK.
The firm said the partial exit saw a 13X multiple on invested capital (MOIC) and an internal rate of return (IRR) exceeding 40%. MOIC measures how many times an investment has grown relative to its original cost while IRR gives the expected annual percentage return of an investment.
According to the VC firm, the transaction was executed as part of a secondary sale to existing investors. Exfinity continues to hold a “meaningful” ownership stake in the company, it said.
“CloudSEK is one of the clearest examples of what Indian deeptech can achieve on the global stage. Our early conviction in Rahul and his team has been validated by the company’s ARR trajectory, enterprise client quality, and now, by the confidence of a global strategic player like Commvault. This is a calibrated partial exit – we remain invested and excited about what comes next,” said Chinnu Senthilkumar, Managing Partner at Exfinity Venture Partners.
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The firm was the first institutional investor in CloudSEK, backing the company during its pre-Series A round.
CloudSEK recently crossed $15 million in annual recurring revenue (ARR) and year-on-year growth. According to the company, it has raised over $20 million across its Series B rounds which saw investors such as Commvault and Connecticut Innovations Fund participate.
The exit marks the latest in a series of liquidity events for Exfinity’s 2016 vintage Fund II, which included complete exit from Kinara.ai and Locus as well as a prior partial exit from Pixis.
Exfinity noted that the fund has crossed “key” Distributions to Paid-In Capital milestones through these exits. DPI is a venture capital metric that measures the actual cash returned to limited partners relative to the capital they contributed.
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