Facebook Co-Founder's B Capital Group Closes $820 Mn 2nd Fund to Invest in Growth-Stage startups

B Capital Group, a VC fund founded by Facebook co-founder Eduardo Saverin and Ex-Bain Capital executive Raj Ganguly, has announced the close of its second fund, an $820 million vehicle, to invest in growth-stage startups .

Launched five years ago (2014), B Capital now has total assets under management at $1.44 billion, with close of its second fund.

The San Francisco headquartered B Capital Group invests in B2B and B2B2C companies in Enterprise technology (including SaaS, infrastructure AI/ML and security), Fintech, Healthcare Tech, Consumer enablement technology, and Transportation and Logistics.

B Capital typically invests between $10 and $60 million in companies at Series B, C and D stages that are positioned for rapid expansion.

In most recent investments by B Capital bringing several new companies to the portfolio, the firm invested in Synack, a crowdsourced cybersecurity testing platform powered by the world’s most skilled ethical hackers, and Khatabook, the Bangalore-based startup that digitizes local businesses through bookkeeping and online payments.

Last year in April, B Capital invested in Bangalore-based Wicked Ride Adventure Services Pvt. Ltd, which operates 'Bounce' app, an online rental service for scooters and motorcycles. In the same month, the firm had closed $406 Million Fund.

Facebook Co-Founder Eduardo Saverin's VC Firm B Capital Group Raises $406 Mn for New Fund

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.