Global venture capital firm B Capital has marked the final close of its third early-stage fund at its hard cap of $500 million (around Rs 4,770 crore), nearly double the size of its predecessor, as it looks to back artificial intelligence-driven startups across North America and Asia.
The new vehicle, Ascent Fund III, will invest in seed to Series B startups developing technologies across enterprise software, healthcare, energy and frontier technology, the firm said in a statement Monday.
The oversubscribed fund comes four years after B Capital closed Ascent Fund II at $254 million.
“AI is creating extraordinary opportunities across every industry,” said Howard Morgan, chair and general partner at B Capital. “We believe the fund is well positioned to capture this moment through our deep sector expertise, strong investor relationships and global reach. Central to our approach is an investment philosophy grounded in the fundamentals: backing outstanding entrepreneurs early and being a true partner over the long term.”
The firm said Ascent Fund III has already invested in more than 20 companies, including robotics startup Apptronik, defence technology company Havoc AI and space infrastructure startup Star Catcher.
“We have entered a technology cycle that is reshaping industries and business models worldwide,” said Eduardo Saverin, co-founder and co-chief executive officer of B Capital.
Founded by Raj Ganguly and Saverin in 2014, B Capital manages more than $8 billion in assets across multiple funds and invests from seed to growth stages across enterprise software, financial technology, healthcare and climate technology.
In India, the firm has backed startups including ecommerce marketplace Meesho, rooftop solar company SolarSquare Energy, governance, risk and compliance software startup Xneeti, and logistics unicorn BlackBuck. It also has an office in Bengaluru.