B Capital raises $2.1bn for latest global VC funds
US and Singapore-headquartered VC firm B Capital has closed its third series of funds with USD 2.1bn in commitments. The mandate is global with a strong emphasis on Asia.
The series includes B Capital’s third flagship fund and companion vehicles. Fund II closed on USD 820m in 2020, while its predecessor closed on USD 360m in 2018.
Last year, the firm raised its first dedicated early-stage fund with USD 250m in commitments, while a late-stage follow-on fund closed on USD 415m in 2021. Assets under management now total USD 6.3bn.
Fund III will invest in technology start-ups from the seed to late growth stages, primarily in enterprise and financial services and healthcare. The core strategy is to bridge networks in the US and Asia while leveraging a portfolio support partnership with Boston Consulting Group (BCG).
B Capital is best known for being set up by Facebook co-founder Eduardo Saverin (pictured right) and Raj Ganguly (pictured left), previously of Bain Capital and Velos Capital. Asia was always a significant part of the agenda, with the Singapore office having opened in tandem with its US bases in 2015. There are also teams in Beijing and Hong Kong.
B Capital describes its arrangement with BCG as exclusive, and Ganguly has identified it as an attraction for LPs. It has also proven a draw for investment talent. Rashmi Gopinath, formerly of Microsoft’s M12 venture unit, said that BCG’s support was an incentive for her to join B Capital in 2020.
BCG helps B Capital with due diligence, market analysis, C-suite introductions, identifying customers in new markets, and assessing the feasibility of emerging revenue segments. The consulting firm is also an LP in Fund I, alongside its incubation and innovation arm BCG Digital Ventures.
Standout investments in Asia include Indian drugstore portal PharmEasy and trucking platform BlackBuck, Indonesian e-commerce marketplace Ula, and Singapore-based auto marketplace Carro and logistics start-up Ninja Van.
In recent months, B Capital has participated in a USD 100m Series C round for Indonesia’s Fazz, a financial services provider for Southeast Asia micro-businesses. The company is pursuing an expansion across Singapore, Indonesia, Malaysia, Vietnam, and Taiwan.
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