B Capital Group has shored up $820 million in its second fund, which it says comes amidst a new digital era where entrepreneurs will be looking for ways to drive connectivity. It will be tapping the funds to invest in growth-stage startups, pumping up to $60 million in companies pipped for expansion.
The venture capital firm currently has a portfolio spanning nearly 30 companies in Asia, where it has invested in companies such as Ninja Van and Carro, as well as Europe and the US. The latest fund injection pushes the total assets under its management to $1.44 billion.
It also comes at a time where, driven by the COVID-19 pandemic, markets worldwide are heading towards a new digital age and realising the need to do things differently, the VC firm said in a statement Tuesday.
B Capital’s co-founder and managing partner Raj Ganguly said: “Although technology is already embedded in nearly every sector and aspect of daily life, the last three months show us there is still extensive unmet need when it comes to digitisation. 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.”
Ganguly set up B Capital in 2014 alongside Facebook co-founder Eduardo Saverin, who is based in Singapore, steering the VC firm towards investments in enterprise technology, including cybersecurity and artificial intelligence, as well as fintech, healthcare, logistics, and transportation. Besides Carro and Ninja Van, Capital B also has pumped funds into crowdsourced cybersecurity testing platform, Synack, and Bangalore-based Khatabook, which helps local businesses digitalise their bookkeeping and payments.
B Capital said it typically invested $10 million to $60 million in startups at their Series B, C, and D stages and poised for expansion. “At a pivotal moment when companies of all sizes are navigating economic uncertainty, thin margins, and novel challenges, 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,” it said.
B Capital has offices in Singapore, San Francisco, Los Angeles, and New York.