The venture capital firm started by Raj Ganguly and Facebook co-founder Eduardo Saverin closed on $820 million for its second fund to invest in growth-stage startups, the company announced Tuesday.
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B Capital Group, a 6-year-old firm backed by The Boston Consulting Group, said it invests in rapidly scaling business-to-business startups that are transforming large industries, such as enterprise technology, fintech, health care technology, transportation and logistics. Its funds typically invest between $10 million and $60 million in Series B, C and D rounds.
The new fund gives the San Francisco-based firm $1.44 billion in total assets under management, the company said in a written statement. Its first fund raised $360 million in 2018, with subsequent rounds closing at $749.9 million in 2019 and $200 million in 2020.
In addition to San Francisco, the company has offices in Los Angeles, New York and Singapore.
With many companies entering the digital age as a result of the COVID-19 pandemic, Ganguly, B Capital’s co-founder and partner, said in a written statement that it shows there is an unmet need for digitization.
“We believe the next 10 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,” he said.
B Capital boasts a portfolio of nearly 30 companies in Asia, Europe and the United States. Over the past few months it has led several funding rounds, including an $11.6 million Series B round for travel data company Journera, a $52 million Series D financing for Synack, a crowdsourced security platform, and a $60 million Series B round for digital ledger app Khatabook.
Illustration: Li-Anne Dias