Global venture capital firm B Capital Group has closed its maiden fund B Capital Fund LP at $360 million (Rs 2318.5 crore).
B Capital Fund will continue to enable the firm to invest in innovation, bringing a global-first mentality to investing and partnering with entrepreneurs, it said in a statement.
The fund announced its first close at $143.6 million in May 2016.
B Capital Group was co-founded in 2015 by Facebook co-founder Eduardo Saverin and Silicon Valley-based Indian-origin investor Raj Ganguly.
Saverin, who is co-founder and partner at B Capital Group, said the investment firm seeks to provide its portfolio firms with the necessary resources and access to some of the most important business leaders.
“It is inspiring to be backed by investors who recognise that our combined experience as entrepreneurs and business creators provides a valuable perspective as to how we support and provide capital to our portfolio firms,” said Ganguly who is co-founder and partner at B Capital Group.
B Capital Group invests in healthcare, financial services and insurance, industrial and consumer enablement companies. B Capital Fund’s portfolio companies include AImotive, Bright.md, Capital Match, CXA Group, Evidation Health, Icertis, Inturn, Lanetix, Mswipe, Ninja Van and SilverCloud Health.
The venture capital firm has offices in Los Angeles, San Francisco, New York and Singapore.
B Capital Group partners with Boston Consulting Group and its incubation arm BCG Digital Ventures to uncover investment opportunities.
“It’s exciting to see how BCG’s strategic partnership with B Capital Group continues to provide unparalleled connectivity between the world’s leading corporations and innovative startups seeking to transform major industries,” said Rich Lesser, president and chief executive officer of Boston Consulting Group.
Boston-based Ropes & Gray LLP acted as legal adviser for the fundraising.
B Capital’s investments in India
In December 2017, B Capital Fund had invested $10 million (Rs 65 crore) in Mswipe Technologies as part of the Mumbai-based mobile point-of-sale services provider’s Series D round.
This is the first direct investment by B Capital into an Indian company. As part of the deal, Saverin will join Mswipe’s board.
The fund also invested in cloud enterprise software startup Icertis Inc which has large bases in Mumbai and Pune.
In March 2017, Kabir Narang, former managing director of Eight Roads Ventures India, had joined B Capital Group as partner.
In an earlier interaction with VCCircle, Narang said B Capital is evaluating potential investments at Series B and C stages into Indian startups and is in various levels of discussions with multiple companies.
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