B Capital, a global multi-stage investment firm with investments in India, US, and other Asian markets, today announced the close of its third venture growth fund and related companion funds (“Growth Fund III”), with aggregate capital commitments of $2.1 billion.

Together, these funds position B Capital to leverage the firm’s growth investing capabilities across the globe, with an emphasis on U.S. and Asia, the fund said in a statement.

Founded in 2015, B Capital leverages an integrated team across nine locations in the US and Asia, as well as a strategic partnership with BCG, to provide the value-added support entrepreneurs need to scale fast and efficiently and to expand into new markets.

The multi-stage fund already manages $6.3 billion in assets under management across multiple funds, the firm focuses on seed to late-stage venture growth investments, primarily in the enterprise, financial technology, and healthcare sectors. The fund is led by Howard Morgan, Sheila Patel, Eduardo Saverin and Raj Ganguly.

In India, B Capital has led investments into startups such as social commerce firm Meesho, SaaS platform MoEngage, B2B tech-enabled logistics startup BlackBuck and B2B packaging materials marketplace Bizongo, and edtech behemoth Byjus.

B Capital’s latest fundraise comes at a time when 2023 is expected to be another formidable year for startups even as both global and domestic VCs sit on large amounts of dry powder funds amounting to multiple billion dollars. Although late-stage dealmaking is expected to take a huge hit this year, fund managers and partners at domestic VC firms expect 2023 to be a reasonable year for early-stage startups.

Also Read: India VCs gain ground on global peers as overseas investments into India slow

“Growth Fund III’s portfolio includes companies that are transforming their respective industries and generating meaningful impact. Our strategic partnership with Boston Consulting Group (BCG) and strong on-the-ground presence in key geographies enable us to provide our portfolio companies with targeted insights and expert advice. This multi-faceted, forward-thinking strategy lays a foundation for consistent portfolio company growth and firm success,” said Eduardo Saverin, Co-Founder, Managing Partner at B Capital. The Growth III Fund series close is the latest milestone for B Capital, which most recently announced the closing of its dedicated early-stage fund Ascent Fund II worth $250 million in July 2022.

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