B Capital Group, the VC fund founded by Facebook co-founder Eduardo Saverin, has closed out its first fund at $360 million (via Reuters).
The fund, which is intended to invest globally but with a focus in Asia, closed an initial $140M back in 2016. In a letter to “friends of B Capital” which we reviewed at the time, Saverin and fund co-founder Raj Ganguly, wrote that the first close had pulled in nearly 60 percent of its target money.
Turns out that was an underestimation, and the final close makes for a considerably larger first fund.
"While our original plan to invest in 20-25 companies remains unchanged, this allows us to continue supporting our portfolio companies with additional capital," writes Ganguly in a blog post on the close, describing the final figure as "substantially ahead of our target".
B Capital Group, which is backed by The Boston Consulting Group, has a stated focus on technologies transforming large industries -- including healthcare, financial services, industrial goods & transportation and consumer enablement (such as payments).
While Asia is also a key area of interest, the fund has also invested in startups in the US and Europe.
Its 11 investments to date are AImotive, Bright.md, Capital Match, CXA, Evidation Health, Icertis, INTURN, Lanetix, Mswipe, Ninja Van and SilverCloud Health.