B Capital hits target for second fund, aiming for $750m hard cap

Eduardo Saverin. Photo: Reuters

Singapore- and US-headquartered B Capital Group is understood to have hit its target of $600 million for its second fund, according to industry sources and limited partners (LPs) aware of the development.

With its second vehicle being oversubscribed, the venture capital firm, co-founded by former Bain Capital executive Raj Ganguly and Facebook co-founder Eduardo Saverin, is now aiming to hit its hard cap of $750 million, the people aware of the matter confirmed.

When contacted, B Capital said it cannot comment on its fundraising.

B Capital is said to have reached the first close of its second fund in April 2019 with $406.1 million in capital commitments. According to its US Securities and Exchange Commission (SEC) filing, 62 investors had committed to the fund at that time.

The firm closed its first fund at $360 million in early 2018.

B Capital seeks to plug the Series B to C gap, and targets ticket sizes of up to $20 million with room for follow-on funding. It typically invests in B2B startups across technology-enabled verticals – consumer enablement, financial services, and insurance, health and wellness, and industrial and transportation. Its portfolio companies in Southeast Asia include Ninja Van, Carro and CXA Group.

The 50-employee-strong firm recently added Rashmi Gopinath, previously a managing director with M12, Microsoft’s corporate venture group, as its fifth general partner.

Apart from Ganguly and Saverin, B Capital’s other GPs include Singapore-based Kabir Narang, who was earlier with Fidelity-backed Eight Roads, and San Francisco-based Karen Page, who was previously with Box and Apple.

DealStreetAsia had reported last year that Menka Sajnani joined B Capital Group as its Head of Investor relations in Asia to lead fundraising for the region. Sajnani was formerly the Head of Fundraising at Singapore’s Jungle Ventures.

Other recent hires include Crissy Costa, previously with Primary Venture Partners, who joined as a Principal in B Capital’s New York office.

B Capital’s recent deals in the region include leading a $150 million funding round, along with Accel Partners India, in bike rental startup Bounce. Last month, DealStreetAsia also reported that Indonesian fintech startup Payfazz was learnt to have closed a deal, of more than $20 million, with B Capital.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.