Bounce, BlackBuck backer B Capital raises $820 mn second global fund

B Capital Group, a global venture capital firm launched by Facebook co-founder Eduardo Saverin and Silicon Valley-based Indian-origin investor Raj Ganguly, has raised $820 million (Rs 6,196 crore) in its second fund.

The final close of the second fund brings B Capital’s total funds under management to $1.4 billion, according to an official post on online publishing platform Medium.

B Capital had raised $360 million for its debut fund in 2018.

The second fund will invest between $10-$60 million on growth-stage startups that are positioned for rapid expansion, it said.  

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

The Manhattan Beach, California and Singapore based VC firm invests in business-to-business (B2B) and business-to-business-to-consumer (B2B2C) in enterprise technology (including software as a service, infrastructure artificial intelligence/machine learning and security), fintech, healthcare tech, consumer enablement technology, and transportation and logistics.

“B Capital looks to invest in companies that have a competitive edge due to superior technology, strong customer value-proposition and the ability to scale rapidly into new sectors and regions,” the blog added.

The VC firm has a portfolio of nearly 30 companies spread across Asia, Europe and the United States.

Its most recent bet in India was on fintech platform Khatabook when led a $60 million Series B round into the Bangalore-based startup. Khatabook provides a digital ledger application, allows micro, small and medium enterprises (MSMEs), and kirana store owners to track credit flow with consumers and suppliers.

Early this year, the VC firm took part in packaging materials marketplace Bizongo’s $30 million Series C fundraise. It had led the startup’s $22 million Series B round along with IFC in May 2018.

In June last year, B Capital and New York-based hedge fund Falcon Edge Capital led $72 million Series C round into a dockless scooter- and bicycle-sharing platform Bounce.  

The company is an investor in Bengaluru-based logistics solutions platform BlackBuck. 

B Capital was also one of the lead investors in Mumbai-based mobile point-of-sale services (mPoS) startup Mswipe’s  $31.47 million funding round in March last year. Mswipe offers point-of-sale solutions to small- and medium-sized businesses, enabling plastic card payments via mobile phones. 

The VC firm has offices in San Francisco, New York, Los Angeles and Singapore.