B Capital reaches $406m first close on second fund

The vehicle will target start-ups across the Series B and C stages, with an emphasis on B2B business models in verticals including consumer enablement, financial services, insurance, health, industrial, and transportation. Geographies of interest span North America and Asia Pacific.

The fundraising, confirmed in a US regulatory filing, comes one year after the firm closed its first fund at $360 million with backing from the likes of Boston Consulting Group and BCG Digital Ventures. Fund I had initially targeted $250 million for 20-25 investments globally with a focus on Asia.

Saverin has been based in Singapore since 2011. He launched B Capital in partnership with Raj Ganguly, previously of Velos Partners and Bain Capital, who has identified India and Southeast Asia as the most prospective VC ecosystems globally, especially at growth stages.

Recent Asian activity by the firm includes participation in a $60 million Series B for Singapore-based automotive marketplace Carro, a $22 million Series B for Indian B2B packaging marketplace Bizongo, and a $25 million Series C for Icertis, a cloud-based enterprise software company in India.

Last month, B Capital participated in a $31.2 million round for Indian point-of-sale financial technology provider Mswipe. The company has named Saverin to its board and has reportedly raised $97.5 million across eight rounds, $40 million of which came from a Series D led by B Capital in 2017.  

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• Topics
• North America
• Fundraising
• Venture
• Southeast Asia
• South Asia
• Asia
• B Capital
• Technology