B Capital closes second fund at $820m
B Capital Group, a US-based VC with a presence in Singapore and a significant Asia portfolio, has closed its second global fund at $820 million.
It follows a $406.1 million first close in April 2019 and a $600 million second close in February. The firm raised $360 million for its debut vehicle in 2018 with support from Boston Consulting Group and BCG Digital Ventures. Assets under management now total $1.4 billion.
B Capital was founded in 2015 by Facebook co-founder Eduardo Saverin and Raj Ganguly, previously of Velos Partners and Bain Capital. It focuses on enterprise technologies, including software-as-a-service, infrastructural artificial intelligence and cybersecurity, financial and healthcare technology, consumer enablement, transportation, and logistics.
The firm typically invests in a range of $10-60 million, targeting companies at the Series B to Series D stages. It described the new fund as coming at a pivotal moment when start-ups are navigating uncertainty as a result of COVID-19. The plan is to leverage digitization trends in this environment, backing companies seen as having superior technology, strong customer value proposition, and the ability to scale rapidly into new sectors and regions.
“Although technology is already embedded in nearly every sector and aspect of daily life, the last three months show us there is still extensive unmet need when it comes to digitization,” Ganguly said in a statement. “We believe the next ten years will see a major shift in innovation as entrepreneurs examine industries and practices from new angles and find ways to accelerate connectivity between systems, companies and people.”
B Capital’s Asian investments include Indonesia app-driven coffee chain Kopi Kenangan, Singapore last-mile delivery start-up Ninja Van, and BlackBuck, a platform that connects truckers in India. Earlier this year, the firm led a $60 million Series B for Khatabook, a digital bookkeeping service for small businesses in India. This coincided with the establishment of a networking and resource-sharing partnership with Singapore-based incubator Antler.
“When we founded B Capital Group, Raj and I were committed to building a firm that looks for innovation off the beaten path and technology that has applications beyond just one region. We wanted to set a new standard for growth-stage investing,” Saverin added. “I am incredibly proud of the team of investor-experts we have assembled and the companies we have partnered with. This fund validates our unique model and the differentiated value we bring to our portfolio.”
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