B Capital closed its third venture growth fund at $2.1 billion with a focus on the enterprise, fintech and healthcare technology sectors.
The $6.3 billion New York venture firm plans to leverage its growth investment capabilities across the globe in the close of Growth Fund III, with an emphasis on the U.S. and Asia. This latest fund close comes on the heels of the $250 million fund raise for its early-stage venture fund in July.
“Sine its inception, B Capital has been committed to investing in cutting-edge technology companies,” said Eduardo Saverin, co-founder and managing partner at the firm. “Growth Fund III’s portfolio incudes companies that are transforming their respective industries and generating meaningful impact.”
B Capital boasts a strategic partnership with Boston Consulting Group and a strong on-the-ground presence in key geographies that Saverin said enable the PE firm to provide portfolio companies with targeted insights and expert advice. “This multi-faceted, forward-thinking strategy lays a foundation for consistent portfolio company growth and firm success,” he added.
Saverin, the first investor in and co-founder of Facebook, established B Capital in 2015 along with Howard Morgan, Sheila Patel and Raj Ganguly. Morgan, an early adopter of early-stage investing, founded First Round Capital before setting up B Capital. Patel had been a chairman at Goldman Sachs, while in Los Angeles Ganguly was at Bain Capital investing in tech-driven companies in the U.S. and Asia.
“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 Ganguly. “This approach drives a high-performance investment model, which we will continue to apply to the Growth Fund III series.”
