It wants to boost startups in emerging markets in Southeast Asia and India
B Capital Group, founded by Facebook co-founder Eduardo Saverin and Raj Ganguly (who also co-founded Velos Partners with Saverin) has raised US$143.6 million in funding from 18 undisclosed partners, states an SEC filing.
The fund, based in Los Angeles, Singapore and San Francisco, has hit almost 60 per cent of its funding goal according to TechCrunch – which is estimated at US$250 million.
It has already made investments in two companies – Singapore-based logistics startup Ninja Van and US-based health tech firm Evidation Health. At TechInAsia Singapore 2016, Saverin expressed his interest in backing companies in healthcare, last mile logistics, back-end of e-commerce and insurance space.
In a LinkedIn post, the founders iterate their goal to fill gaps — by bringing in hyperlocal expertise as well as global networks — in Asia’s emerging markets Southeast Asia and India.
These markets, spurred by rapid growth in e-commerce, have seen a rise in technology investments, but still trails far behind US and China markets in size and maturity.
“Many investments across India and Southeast Asia have been focused around early stage. This is especially true for Southeast Asia, where 90% of investments made in 2015 still revolved around seed and early stage (i.e. Pre-A and Series A), compared to the U.S. where 57% of 2015 venture investments were made in early stage companies. From our experience operating on the ground, we observe companies with fewer options and a potential gap in growth stage funding, especially Series B and C, which are crucial in taking a company from proving product-market fit to achieving scale successfully,” stated the post.
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