Singapore’s B Capital hits first close of second fund at $406m

B Capital co-founder Eduardo Saverin. Photo: Bloomberg

Singapore-based B Capital Group, a global tech fund which counts Facebook co-founder Eduardo Saverin as a founding partner, has made the first close of its second fund with $406.1 million in commitments, according to its US Securities and Exchange Commission (SEC) filing.

The filing did not provide details of the composition of the investors in the initial close but B Capital said the fund – B Capital II LP – has so far attracted 62 investors since its launch on March 22, 2019. It did not specify a closing date nor a funding amount target.

The first close of the second fund gives B Capital Group total funding money of $766.1 million across two funds. Last year, the firm raised $360 million for its first fund – B Capital Fund. The fund will be managed by Raj Ganguly, B Capital’s co-founder and partner, according to the regulatory filing.

B Capital, which was founded by Ganguly and Saverin, who moved to Singapore in 2011, invests in B2B startups across four technology-enable verticals – consumer enablement, financial services and insurance, health and wellness, and industrial and transportation.

The firm, which is backed by the Boston Consulting Group and has partnered with its incubation arm BCG Digital Ventures, aims to invest up to $20 million in each portfolio company, including reserves for future growth funding.

It has already invested in 12 companies across different sectors including AImotive, Bright.md, Capital Match, CXA, Evidation Health, Icertis, INTURN, Lanetix, Mswipe, Ninja Van and SilverCloud Health.

In an interview with DEALSTREETASIA in January, B Capital partner and Asia co-head Kabir Narang said the firm prefers to invest behind picks and shovels in the region. Pick-and-shovel is an investment strategy that focuses on underlying technology needed to produce goods or services instead of the final output.

“Our portfolio companies are helping enable and set up the infrastructure needed to help build the digital economy of SE Asia. We are seeing early signs of a maturing ecosystem with encouraging signs of exits,” Narang said.

Also Read:

Singapore’s B Capital adds former Apple exec as new partner

Prefer to invest in picks and shovels in SE Asia, says B Capital’s Narang

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.