Facebook cofounder’s B Capital Group closes first VC fund at $360 million

B Capital Group

B Capital Group, the venture capital (VC) firm set up by Facebook cofounder Eduardo Saverin, has announced the closure of a new $360 million fund aimed at bringing a “global-first mentality” to investing.

Founded by Saverin and Raj Ganguly in 2015, B Capital Group focuses on startups across health care, fintech, and industrial sectors, among others. The company said that its first fund had “substantially exceeded” its original target, and it has already made a number of investments.

“We continue to strive to be a launch pad for entrepreneurs across a wide range of verticals and seek to provide our portfolio companies with the necessary resources and access to some of the most important business leaders,” said Saverin in a press release. “We are committed to helping the next generation of entrepreneurs deliver transformative technology to the world and are strategically positioned to disrupt the realm of venture investing.”

Saverin has also served as an angel investor for a number of years, putting money into the likes of Qwiki, which was snapped up by Yahoo in 2013, as well as online ID-verification service Jumio.

B Capital Group has offices in Los Angeles, New York, San Francisco, and Singapore, which Saverin has called home for some time — a fact that was famously brought to the public’s attention when he renounced his U.S. citizenship ahead of Facebook’s IPO back in 2012.

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