VC firm B Capital Group closes first fund at $478m

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A global venture capital firm co-founded by Facebook co-founder Eduardo Saverin, B Capital Group, raised US$360 million (S$478 million) at the final close of its first fund.

Mr Saverin said the fund is looking for entrepreneurial companies with a "global-first" mindset. It aims to invest in the "technology-enabled" areas of financial services, healthcare and industrial logistics - areas where there is tremendous growth potential in Asia.

Portfolio companies include Mswipe Technologies, India's largest independent merchant acquirer and point-of-sale network provider; and Ninja Van, a Singapore-based logistics firm.

B Capital recently announced an investment in Capital Match Holdings, a regional fintech firm that operates a platform for invoice financing and secured lending.

Its vision is to help bridge the gap between innovative entrepreneurs who need resources and corporations that seek to innovate and partner companies with emerging technologies.

"It is going away from the idea of people in a dorm room or incubation space trying to disrupt the businesses of this world, but that same group of individuals building phenomenal technology, leveraging the distribution network, the regulatory know-how of the largest businesses of the world to scale their growth," Mr Saverin added.

B Capital focuses on providing B and C Series funding to companies that already have products and generate revenue, rather than early seed-stage financing.

B Capital partner Kabir Narang said valuations have started to stabilise.

"That's good news for us... There is a big gap in B and C Series funding. That is why it is an interesting time... a happy hunting ground where you can see some level of traction to evaluate companies, with the ability to compare and contrast entrepreneurs and their (business) models."

B Capital expects to invest up to US$20 million in each portfolio company, including reserves for future growth funding.