Eduardo Saverin's VC firm B Capital just raised $406 million in a 1st close of its new fund, according to a new filing
with Saverin, the cofounder of Facebook who moved to Singapore in 2009. In that article, Saverin and Ganguly revealed a strategy to invest in companies with an international focus — B Capital maintains offices in California, New York and Saverin's Singapore — and ones that can benefit from a"special relationship" with Boston Consulting Group, the consulting firm that is one of the anchor investors in B Capital's initial fund.
At the time, B Capital had made about 20 investments from that fund, using up much of its"dry powder," as the industry sometimes refers to money available to invest in startups. A source at the time toldthat B Capital would look to raise a second fund of approximately twice the size of its first, later in 2019. That remains the goal after this first filing, the source says now.
At the time, B Capital had recently expanded to bring on a seventh partner, former Box and Apple executive Karen Appleton Page. With seven investment partners and check sizes that can run into the tens of millions, it's not surprising that B Capital, still just four years old, would seek out so much money so fast.in early 2019."We are still so early into making the technologies that will impact the world.
To read more of Saverin's views — and see how B Capital is looking to stand out in a crowded venture capital market — check the full feature story
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