B Capital, a global multi-stage investment firm started by Facebook co-founder Eduardo Saverin, that raised $250 million under a new fund named Ascent Fund II, its first dedicated early-stage investment vehicle, last year, has announced the close of its third venture growth fund and related companion funds (Growth Fund III), with aggregate capital commitments of approximately $2.1 billion.
Together, these funds position B Capital to leverage the firm’s growth investing capabilities across the globe, with an emphasis in US and Asia.
Eduardo Saverin, Co-Founder, Managing Partner at B Capital, said: “Growth Fund III’s portfolio includes companies that are transforming their respective industries and generating meaningful impact. Our strategic partnership with Boston Consulting Group (BCG) and strong on-the-ground presence in key geographies enable us to provide our portfolio companies with targeted insights and expert advice.”
Founded in 2015, B Capital is led by Howard Morgan, Sheila Patel, Eduardo Saverin and Raj Ganguly. The firm partners with technology companies ranging from seed to late-stage growth, primarily in the enterprise, fintech and healthcare tech sectors.
“Our emphasis on value-add investing, supported by our platform advisors and strategic partnership with BCG, enables us to accelerate business development and growth across our portfolio,” said Raj Ganguly, Co-Founder, Managing Partner at B Capital.
The firm counts among its portfolio set at least five unicorns in India, including Byju’s, Blackbuck, Meesho, Pharmeasy and Dailyhunt, and several soonicorns.
Meanwhile, the firm’s early-stage fund will be investing in pre-seed through Series A rounds globally, with an emphasis on the US and Asia. The new fund will chase startups across digital healthcare, enterprise software, fintech and logistics, among other growing industries.
The Ascent team includes Chair and General Partner Howard Morgan, Saverin, General Partners Gabe Greenbaum and Karen Page, and Partner Karan Mohla.
The firm had hired Mohla as India partner from VC firm Chiratae Ventures earlier last year. Mohla signed off from Chiratae soon after helping it raise $337 million for its fourth fund in 2021.
It had also initiated a plan to float a blank-cheque firm. But later scrapped the SPAC.