B Capital Group, the venture capital firm of Facebook co-founder Eduardo Saverin, has raised $2.1 billion for its latest fund and related vehicles.
(Bloomberg) — B Capital Group, the venture capital firm of Facebook co-founder Eduardo Saverin, has raised $2.1 billion for its latest fund and related vehicles.
The firm’s Growth Fund III and companion funds will back startups in health care, financial technology, software and other sectors around the world, according to a statement Thursday to Bloomberg News. The fund will focus on investing in growth-stage companies, or companies that are growing revenue.
“History has shown that volatile times offer fertile ground for new ideas and breakthrough innovation,” Saverin, who co-founded B Capital in 2015, said in an emailed statement. “Our disciplined investment model has served us well in this market, and we are excited about the opportunities ahead of us in the evolving sectors we invest in.”
While the tech industry is grappling with anemic public stocks and investor skepticism, B Capital co-founder Raj Ganguly said it’s a good time for new bets.
Firms are writing checks at “much better valuations than before,” he said in an interview, adding that B Capital typically invests $10 million to $100 million at a time.
B Capital’s partnership with the Boston Consulting Group will be valuable for startups looking for advice on liquidity events, such as a sale, he said. Stellantis NV agreed in November to buy the firm’s portfolio company aiMotive for its automotive software.
The difficult market for initial public offerings means “the best place for liquidity in 2023 is corporate M&A,” Ganguly said.
B Capital, which is also led by Howard Morgan and Sheila Patel, now has $6.3 billion in assets under management. Its portfolio includes India online-education startup Byju’s and DataRobot, a machine-learning company.
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