B Capital closes second global fund at $820m for B2B growth-stage investments

Photo: B Capital website

Venture capital firm B Capital Group has closed its second global fund for B2B growth-stage investments at $820 million, bringing its total assets under management to nearly $1.44 billion.

The firm, which has offices in San Francisco, New York, Los Angeles and Singapore, had reached the first close of the fund in April 2019 with $406.1 million in capital commitments. We had reported in February that B Capital had met the fund’s $600 million target and was seeking to hit its hard cap of $750 million.

According to an SEC filing, B Capital raised $821.79 million from 161 investors for its sophomore fund. The fresh capital will give it the ammunition to make opportunistic bets at a time when the COVID-19 outbreak has pushed massive swathes of users and businesses to go online.

“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. 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,” said B Capital co-founder and managing partner Raj Ganguly.

Founded in 2014 by Ganguly and Facebook co-founder Eduardo Saverin, B Capital invests in B2B and B2B2C companies in enterprise technology, fintech, healthtech, consumer enablement technology and transportation and logistics. It has nearly 30 companies in its global portfolio, including prominent Asian startups such as CXA Group, Ninja Van, Blackbuck, Synack and Khatabook.

The venture firm invests between $10 and $60 million in companies at Series B, C and D stages, particularly those with an ability to scale into new sectors and markets. The firm closed its first fund at $360 million in early 2018.

B Capital said it has grown significantly to more than double the size of its global team in the last year. It has added 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 and corporates for mutually beneficial business partnerships.

B Capital Group was represented by Ropes & Gray LLP in the fundraising.

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.