SINGAPORE (Mar 26): B Capital Group, the venture capital (VC) firm established by Facebook co-founder Eduardo Saverin, recently raised US$360 million ($474 million) for its first fund. It has already found two start-ups to invest in. Fishbrain, a mobile app and social media platform for sport fishing, received US$13.5 million in a Series B funding round led by B Capital. Atomwise, which is deploying artificial intelligence to discover new drugs, raised a US$45 million Series A funding round led by B Capital, Monsanto Growth Ventures and Data Collective.

David Ng, principal of B Capital, says the company plans to invest the fund’s money in 20 to 25 companies with cheque sizes between US$5 million and US$15 million per portfolio company. Historically, Ng says, B Capital has made between five and seven investments a year. “The deals we have made have been half in the US and half in Asia,” he adds. B Capital was launched in 2015 by Saverin and Raj Ganguly and closed an initial US$140 million in funding in 2016. The VC focuses on Series B and C funding, targeting start-ups that already have customers and generate revenues.

Ng says B Capital is finding many good ideas in this region. “We are seeing interesting opportunities in the healthcare, logistics, transport and consumerenablement spaces,” says Ng. Some of B Capital’s earlier investments include logistics services provider Ninja Van and human resources services marketplace CXA.

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