Facebook Co-founder Eduardo Saverin has closed out $406 million for B Capital, his venture capital fund, according to a report.
This is the first close of its second fund, and the filing sent to the FCC last month didn’t include details about a target raise or which specific LPs committed. Saverin is known for his Facebook connection, but he has since renounced his U.S. citizenship and is known more for his investments in Asia.
B Capital’s first fund close was in last February for $360 million, and consulting firm BCG was a major backer. The firm likens itself to a connection between corporations and quality startups. The company is based in Southeast Asia but has a San Francisco office, and covers what it calls “four technology-enabled verticals: consumer enablement, financial services and insurance, health and wellness, and industrial and transportation.”
So far, the firm has invested in 19 startups, including scooter company Bird, digital insurance agency CXA and Indian FinTech startup Mswipe. Saverin also has a family fund called Velos, but he hasn’t been using that as much since B Capital launched.
The company gives some insight into its mission on its website: “We know from our experience as business builders that partnerships between groundbreaking entrepreneurs and corporate leaders can be mutually transformative. While corporate leaders can scale effectively, they are often too large to innovate quickly.
“Meanwhile, startups innovate by necessity, but lack critical resources and key access to customers, channels and partners during the early stages of growth,” the statement continued. “And venture capital firms are consistently challenged by a lack of infrastructure and resources to connect these two disparate groups. B Capital’s unique value proposition is a platform that bridges this divide, connecting entrepreneurs in need of the resources to scale their businesses with corporations seeking to innovate and partner with emerging technologies.”
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