[NEWS] Facebook co-founder Eduardo Saverin’s B Capital makes $406M first close of new fund – Loganspace

B Capital, the VC firm from Facebook co-founder Eduardo Saverin, has made the major shut of its 2nd fund.

The firm has closed out $406 million in preliminary capital,based fully on a submittinglodged with the FCC last month. The doc doesn’t consist of shrimp print of a target elevate or which LPs like committed. Saverin came to prominence as a co-founder of Facebook, but he has rebuilt himself as an investor with a explicit point of curiosity on Asia.

B Capital is a somewhat new entrant but already this new fund represents an upsized elevate, even with out the closing shut. B Capital’s first fund closed $360 million last February withconsulting firm BCG a serious backer from the accumulate-crawl. The firm pitches itself as a bridge between the corporate world and quality startups, an build the build its BCG alliance absolute self assurance carries predominant weight.

The firm relies fully out of Southeast Asia — the build Saverin has lived since renouncing his U.S. citizenship in 2011 — but it investors globally and has a San Francisco dwelling of enterprise. Its point of curiosity covers financial companies, insurance, health, industrial, transportation and “client enablement.” Thus some distance, B Capital has invested in 19 startups, based fully on its web space, and these consist of scooter startup Bird, insurance-centered CXA — whichraised $25 millionlast month — Indian fintech startup Mswipe — whichannounced a $30 million roundlast week — and logistics firm NinjaVan.

Saverin has also made investments by strategy of his household fund, Velos, but its involvement has tapered down since B Capital launched.