B Capital Group is in the market to raise a $350 million opportunities fund for its global portfolio of B2B and enterprise technology companies, according to sources aware of the development.
The global venture firm, which has offices in San Francisco, New York, Los Angeles and Singapore, is understood to have raised about $200 million for the vehicle so far. The opportunities fund will allow B Capital to double down on high potential startups within its portfolio, which need extra capital to scale, before hitting an exit.
DealStreetAsia had not received a response from B Capital at the time of publishing.
In June, B Capital announced that it had closed its second global fund at $821.79 million. An SEC filing showed the vehicle had raised the money from 161 investors.
This fund was also understood to have closed significantly above its initial target of $600 million. The fund had secured its first close at $406.1 million in April 2019.
B Capital was founded by Facebook co-founder Eduardo Saverin and former Bain executive Raj Ganguly in 2014. The venture firm invests in B2B and B2B2C companies in enterprise technology, fintech, healthtech, consumer enablement technology, and transportation and logistics.
The venture firm targets growth-stage startups in the Series B to D stages, writing cheques between $10 million and $60 million. It invests in companies that have the ability to scale into new sectors and markets. B Capital has nearly 30 companies in its global portfolio, including prominent Asian startups such as Ninja Van, Blackbuck, Synack, Khatabook and CXA Group.
In the last year, B Capital more than doubled the size of its global team after adding several new partners and key leaders in its investing, operations, and platform teams. The firm is backed by Boston Consulting Group (BCG), which also helps it connect founders with corporates for mutually beneficial business partnerships.