Facebook co-founder Eduardo Saverin’s global venture capital firm B Capital Group, which has also backed India-focused startups including packaging solutions startup Bizongo, mobile point-of-sale service provider Mswipe, logistics startup Blackbuck, and global contract management firm Icertis, has raised $406 million as the first closing of its second fund, showed documents filed on Friday with the US Securities and Exchange Commission (SEC).

California-based B Capital’s new round was raised from 62 investors since 22nd March 2019, according to the filing seen by Financial Express Online.

B Capital, which focuses on Asia, reportedly closed its first fund at $360 million in February last year. The Boston Consulting Group-backed B Capital invests in business-to-business startups across four areas — financial services, health and wellness, industrial and transportation and consumer enablement. The fund has so far invested in 19 companies globally, as per information on its website.

B Capital usually invests up to $20 million in Series B and C rounds and has offices in Los Angeles, San Francisco, New York, and Singapore.

“We are excited to build a different type of digital technology investment firm. We are unified in our belief that all ideas matter, but that good ideas with powerful execution create greater impact than powerful ideas with only good execution,” said Raj Ganguly, Cofounder and Partner, B Capital Group in a LinkedIn post last year.

B Capital had reportedly invested Rs 220 crore in Ratan Tata-backed Mswipe in March this year along with Falcon Edge, Epiq Capital, and DSG Consumer Partners.

“Mswipe’s solution provides SMEs an enhanced POS experience. The Mswipe product is a combination of great hardware and software that is capable of supporting all forms of payments, from traditional credit & debit card to digital payment modes in India like UPI, Google Tez, PhonePe, Bharat QR, and BHIM,” said Saverin in a LinkedIn post. B Capital had backed Mswipe in 2017 as well.

B Capital also counts SilverCloud, Myia, Atomwise, Lanetix, CXA Group among its global portfolio companies.

The above news was first published at Financial Express.

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