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.