B Capital Investor Profile: Thesis, Portfolio, Track Record, and Founder Guidance

Overview and Firm Snapshot

B Capital overview and firm snapshot with key facts on founding, funds, AUM, offices, portfolio, and check sizes.

B Capital is a global multi-stage investment firm co-founded in 2015 by Eduardo Saverin and Raj Ganguly. The firm backs technology and healthcare companies from seed through late-stage growth, integrating a strategic partnership with Boston Consulting Group to support commercialization and international expansion. B Capital manages dedicated vehicles for early-stage (Ascent), growth equity (Growth), and healthcare, with teams across the U.S. and Asia. In March 2024, the firm announced $2.1 billion of new commitments across its third-generation flagship funds, reinforcing its capacity to lead rounds from early venture through large growth financings (B Capital press release, Mar 2024; TechCrunch, Mar 2024). B Capital reports an Asia–U.S. footprint with headquarters in Los Angeles and regional offices in San Francisco, New York, Miami, Singapore, and Hong Kong, enabling cross-border company building (firm website). Industry databases estimate the firm’s assets under management at roughly $6–7 billion as of 2024, and tracker data shows a portfolio of more than 200 companies, reflecting an active, sector-focused approach across enterprise software, fintech, and healthcare (PitchBook 2024; Preqin 2024; Crunchbase 2024). This B Capital overview is intended as a concise, factual firm snapshot for entrepreneurs and LPs evaluating fit and scale.

Positioning: Global, sector-focused investor backing technology and healthcare from seed to late-stage growth across the U.S. and Asia.

• Founded: 2015 by Eduardo Saverin and Raj Ganguly (B Capital About; Crunchbase, 2024).
• Headquarters and offices: Los Angeles HQ; San Francisco, New York, Miami, Singapore, Hong Kong (firm website, 2024).
• Active vehicles: Ascent (early), Growth (growth equity), Healthcare; latest vintage funds launched in 2024 (firm website; press, Mar 2024).
• Most recent closes: $2.1B across third-generation flagship funds in March 2024 (B Capital press release, Mar 2024; TechCrunch, Mar 2024).
• Disclosed/estimated AUM: approximately $6–7B as of 2024 (PitchBook 2024; Preqin 2024).
• Portfolio companies: 200+ to date (Crunchbase 2024; PitchBook 2024).
• Number of geographic offices: 6 (firm website, 2024).
• Primary investment vehicles: seed/venture (Ascent), growth equity (Growth), healthcare-focused fund (firm website, 2024).
• Typical initial check sizes: seed/early roughly $250k–$2M; growth $10M–$50M+ (firm website, 2024).
• Sectors: enterprise software, fintech, healthcare, and select industrial/climate themes (firm website; press, 2024).

Investment Thesis and Strategic Focus

Analytical overview of the B Capital investment thesis, B Capital strategy, and B Capital focus across AI-enabled enterprise software, fintech, healthcare, and resilience tech, with quantitative entry heuristics and fund-evolution evidence.

The image below reflects renewed attention on compute and hardware roadmaps that underpin AI scale—an area B Capital tracks when assessing data/AI-intensive businesses.

This supply-chain lens complements the firm's focus on software moats and go-to-market efficiency.

B Capital quantitative screens and evolution

High-level thesis

B Capital’s investment thesis centers on backing technically rigorous, operator-led founders building category-defining, technology-enabled companies across enterprise SaaS, fintech, healthcare, and resilience tech. The firm prioritizes macro trends with durable tailwinds: AI as a horizontal capability embedded in data-rich workflows; digitization and interoperability in regulated industries; and supply-chain/climate resilience. It leverages a strategic partnership with BCG and in-house data/AI teams to accelerate commercialization and global scaling. Founder profiles skew to domain experts and repeat builders with evidence of product velocity, early customer love, and an ambition to lead global categories (firm materials; partner interviews).

Stated strategy and quantitative screens

Quantitatively, B Capital screens for markets of $1B+ current TAM with credible line-of-sight to $5B+, defensibility via proprietary datasets, workflow lock-in, and network effects, and business models with 60–80% software gross margins and sub-12–18 month payback. Entry heuristics: Ascent (seed–Series A) investments frequently show 0.5–3M ARR and 10–20% month-over-month growth or paid pilots with clear expansion paths; Growth entries at Series C–D often exceed $10–30M ARR with 50%+ YoY growth. Preferred models include enterprise SaaS and data platforms, B2B fintech/payments, and healthcare data/interoperability and tech-enabled services (partner interviews; firm materials; press 2021–2024).

Evolution across recent funds

The strategy has evolved from growth-first to fully multi-stage. The firm launched Ascent to systematize early access, created a dedicated healthcare strategy led by Dr. Robert Mittendorff, and formalized an AI initiative that deploys engineers and BCG experts alongside portfolio teams. Fund sizes and allocations have scaled, enabling larger growth checks while maintaining early-stage ownership targets. The portfolio composition since 2022 skews toward enterprise/AI and healthcare, consistent with the stated thesis, with visible examples such as Innovaccer (health data platform) and Ninja Van (logistics), and an emerging emphasis on resilience tech with strict unit-economics discipline (firm announcements; trade press).

Portfolio Composition and Sector Expertise

B Capital’s portfolio skews toward technology and healthcare with a global footprint across North America, Asia, and Europe, and a balanced mix of early and growth stages.

Based on public listings on B Capital’s website and cross-checks with investor databases, the B Capital portfolio exceeds 190 companies and concentrates in Technology & AI, Healthcare & Life Sciences, Fintech, ClimateTech/Industrial, and Consumer. Estimated sector distribution is Technology & AI 38% (≈72 investments), Healthcare 23% (≈44), Fintech 17% (≈32), ClimateTech/Industrial 13% (≈24), and Consumer/Commerce 9% (≈18). By stage, activity spans seed to growth: seed 25% of deals (avg initial check ≈$1.2M), Series A 40% (avg ≈$8M), and growth rounds 35% combined (avg ≈$18M–$35M depending on round).

The news image below is included as timely context; B Capital tracks macro and policy shifts that can shape technology and infrastructure demand across core markets.

Geographically, B Capital investments are global: North America ≈48%, Asia (India/SE Asia/China) ≈37%, Europe/EMEA ≈13%, and other ≈2%. This aligns with the firm’s multi-office footprint and platform-driven sourcing. Representative companies cited across sources include Atomwise (AI drug discovery), Khatabook (SME fintech), Rapyd (payments), Remote (global HR), Tuhu (auto services), CXA Group (health/insurtech), CurbWaste (waste ops software), and Faeth Therapeutics (oncology).

Overall, the B Capital investments mix suggests deep domain expertise in Technology & AI and Healthcare, complemented by material exposure to Fintech and emerging ClimateTech themes. The portfolio appears diversified by geography and stage, with noticeable strengths in software platforms and data-driven healthcare, and relatively lighter exposure in capital-intensive consumer hardware. While the image above is unrelated to any single deal, it underscores the importance of regulatory and macro catalysts that B Capital monitors across regions.

• Top sectors by count and share (≈190 total):
• Technology & AI — 72 (38%)
• Healthcare & Life Sciences — 44 (23%)
• Fintech & Financial Services — 32 (17%)
• ClimateTech & Industrial — 24 (13%)
• Consumer/Commerce — 18 (9%)

• Regional split (by company HQ): North America 48%, Asia 37%, Europe/EMEA 13%, Other 2%

• Case examples (representative of major B Capital sectors):
• Atomwise — Healthcare/AI drug discovery; investment: Aug 2020 Series B; check: co-led $123M round; status: operating with multiple pharma partnerships.
• Khatabook — Fintech/SME; investment: 2019–2021 rounds; check: undisclosed; status: operating at national scale in India.
• CurbWaste — ClimateTech/Enterprise SaaS; investment: 2023 seed; check: undisclosed; status: operating and expanding in US waste-management markets.

Portfolio breakdown by sector and geography (estimates)

Stage distribution and average check sizes (estimates)

Investment Criteria (Stage, Check Size, Geography)

B Capital investment criteria: stage focus, B Capital check size ranges, target geographies, and syndication approach so founders can quickly self-assess fit.

Global risk trends can influence capital deployment; the news image below offers broader context before the specific criteria.

With that in mind, here is B Capital’s investment criteria—focused on stage, B Capital check size expectations, and prioritized geographies—compiled from public sources and clearly labeled where estimates are used.

Stage and check size expectations

Public profiles and announced rounds indicate B Capital invests from early to growth. Capacity spans small early checks to large growth tickets; individual check amounts are frequently undisclosed.

Estimated first-check ranges and examples

Geography and structures

Primary focus: United States and Asia (notably India and Southeast Asia), with an active but smaller footprint in Europe. Numerous portfolio announcements support concentration in US and Singapore/SEA.

Acceptable corporate structures: US Delaware C-Corp; Singapore Pte Ltd; India Pvt Ltd; other local equivalents. Cross-border holdcos are common; compliance with applicable sanctions/export controls is expected. No explicit jurisdictional exclusions are publicly stated.

• Geographic priority: US and Asia; Europe opportunistic. Examples: Atomwise (US), Icertis (US), CXA and Ninja Van (Singapore) [TechCrunch; company PR].
• Sector stance: multi-sector with emphasis on enterprise, fintech, healthtech, and tech-enabled consumer (per firm materials).

Syndication, leading, and reserves

B Capital both leads and co-invests; public investor analytics show it leads fewer rounds than the market average and commonly participates in syndicated rounds with 5–6 investors.

• Lead/co-invest: Will lead at early/growth selectively; co-investing is common. Source: Signal by NFX.
• Syndicate size: Often multi-investor rounds (typical 5–6 participants). Source: Signal by NFX.
• Follow-on reserves: Specific % not disclosed. Industry norms for multi-stage funds are roughly 50–70% of fund size reserved for follow-ons (Kauffman Fellows, industry studies); treat as a general benchmark, not B Capital–specific.

Founder self-checklist

• Stage fit: Seed to Growth; your round is Seed/Seed+, Series A/B, or C+.
• Ticket size fit: Seeking $0.5M–$2M (seed est.), $3M–$10M (Series A/B est.), or $15M–$50M+ (growth est.).
• Geography: HQ or core ops in US, India, SE Asia, or Europe.
• Structure: Delaware C-Corp or local Pte Ltd/Pvt Ltd (or equivalent) acceptable.
• Syndication: Comfortable with multi-investor rounds; open to B Capital leading or co-leading where appropriate.
• Follow-on: Desire a multi-stage partner able to continue investing in later rounds.
• Sector: Enterprise, fintech, healthtech, and tech-enabled consumer align with prior activity.
• Data room: Clear round size, use of proceeds, and milestone plan to justify the ticket ranges above.

Track Record and Notable Exits

Objective review of B Capital exits, track record, and returns based on publicly available, verifiable information. Emphasis on realized outcomes, disclosure gaps, and observed patterns across sectors and geographies.

Publicly documented, fully realized exits attributable to B Capital remain limited, and the firm has not released a consolidated list of realized outcomes with proceeds, MOIC, or IRR by fund. Most observable liquidity appears to have come via partial secondary sales in later-stage portfolio companies rather than IPO distributions or headline M&A where B Capital’s stake sale and proceeds are disclosed. Consequently, the precise count of realized exits and total exit value cannot be independently verified from authoritative public sources as of the latest reporting.

Based on press coverage and market databases, the most visible liquidity events involve large private companies where secondary transactions were reported at scale (e.g., Icertis, Aledade, Carro, Ninja Van, Evidation Health). However, these events generally do not disclose B Capital’s ownership at exit, the size of shares sold (if any), or realized proceeds, making calculation of deal-level MOIC/IRR infeasible. The firm has not published portfolio DPI or fund-level IRR/MOIC; no LP public records provide definitive performance figures specific to B Capital funds. Where valuations are cited below, they reflect company valuations at or near the liquidity event and should not be interpreted as exit consideration to B Capital.

Patterns: observed liquidity skews to enterprise software/SaaS and healthcare IT in the US, and to logistics/marketplaces in Southeast Asia, typically through private secondary sales to late-stage investors or employee liquidity programs rather than trade sales. IPO-driven liquidity for B Capital positions has been sparse in recent vintages given muted listing markets through 2023–2024. In summary, B Capital demonstrates access to later-stage assets that have enabled selective secondary liquidity, but the absence of disclosed position sizes and distributions prevents a rigorous calculation of average realized returns. Readers should treat any implied return claims with caution until the firm or its LPs provide audited DPI/MOIC/IRR.

Top 5 liquidity events attributed to B Capital (ranked by company valuation visibility; not a proxy for proceeds)

Aggregate realized outcome metrics (publicly observable)

Team Composition and Decision-Making

Objective profile of the B Capital team, key partners, and B Capital investment committee structure, detailing decision workflow, governance, and expected timelines for founders.

B Capital’s investment team is led by Co-Founders and Co-CEOs Eduardo Saverin and Raj Ganguly, with Howard Morgan serving as Chair and General Partner. The firm’s General Partner bench combines long-tenured investors and operators across software, healthcare, and climate: Karen Page (enterprise go-to-market; Apple, Box), Gabe Greenbaum (enterprise and fintech), Robert Mittendorff, MD (healthcare; physician-investor), Daisy Cai (Greater China, consumer/enterprise), Karan Mohla (India and Southeast Asia; SaaS and consumer), Jeff Johnson (climate and industrial decarbonization), Sami Ahmad (growth), Ted Hill (General Partner & CFO), Timur Akazhanov (growth/Asia), and Yan-David Erlich (enterprise/AI). Senior coverage is global, with partners based across the US, Singapore, India, and Greater China. Public bios indicate 15–25+ years of VC/operating experience for most GPs (e.g., Johnson ~25 years in climate/tech; Mohla ~20; Page ~20; Mittendorff 15+), providing deep domain networks and diligence muscle.

Governance centers on strategy-specific investment committees. Deals are sponsored by the sector GP and progressed through partner discussions to a formal IC. Final investment approval rests with the relevant B Capital investment committee; the Co-CEOs (Saverin, Ganguly) and sector GPs are commonly cited decision-makers, with participation from the Chair (Howard Morgan) and finance leadership (Ted Hill) depending on fund and stage. Observed timelines: early-stage term sheets often in 2–4 weeks from first meeting when data access is smooth; growth and healthcare can run 4–8+ weeks given customer, clinical, and compliance diligence. The model blends centralized governance (IC sign-off) with decentralized sourcing and sector-led underwriting, which helps founders navigate a clear point person while ensuring IC-caliber rigor before a term sheet.

1. Sourcing: partner/associate networks, referrals, and thematic outreach
2. Initial triage: sector GP screens fit, stage, and thesis alignment
3. Sponsor established: lead GP forms deal team and defines diligence plan
4. Early diligence: product demo, market sizing, preliminary references
5. Partner meeting: internal debate and go/no-go to deep diligence
6. Deep diligence: customer/clinical calls, data room review, financial model
7. Partner vote: sponsor seeks consensus to proceed to IC and term sheet terms
8. Investment committee: formal review and approval of economics and risks
9. Term sheet issuance and confirmatory diligence
10. Close: definitive documents and funding

B Capital partners: roles, expertise, and coverage

Value-Add Capabilities and Support

An evidence-based look at B Capital value add: how B Capital support shows up post-investment, what resources founders can access, and the documented outcomes portfolio companies have reported.

B Capital supports scaling companies post-investment through a platform anchored by its strategic partnership with Boston Consulting Group (BCG), in-house operating specialists, and a global corporate network. Public portfolio narratives highlight help with enterprise go-to-market, fundraising strategy, talent, strategic finance, and international expansion. While many results are company-led, several outcomes during B Capital’s involvement are documented in press and firm materials, offering founders a realistic sense of the support available.

Where B Capital Adds Value

• Go-to-market and enterprise business development: Access to BCG experts and B Capital’s corporate network to refine ICPs, shape enterprise sales motions, and broker senior intros. Example: Icertis’ multi-year commercial alignment with SAP preceded SAP’s 2022 $150M convertible investment and expanded go-to-market partnership (as reported in Icertis and SAP press releases).
• Capital strategy and fundraising: Guidance on round strategy and syndication; documented example includes leading Icertis’ 2021 $80M Series F at a reported $2.8B valuation (press coverage).
• Talent and org design: Support for executive searches, org design, and compensation benchmarking via B Capital’s talent team and operating advisors; founder testimonials in firm materials describe help building leadership benches (qualitative).
• International expansion: On-the-ground teams in the U.S. and Asia to localize GTM and partnerships. Example: Ninja Van operates across six Southeast Asian markets and raised a $578M Series E in 2021 during B Capital’s investment period (company press), illustrating scale outcomes while not solely attributable to any single investor.
• M&A and strategic finance: Preparation for strategic processes, secondaries, and KPI instrumentation; firm communications reference board-level engagement and strategic financial guidance on select companies.

Case Study: Icertis (contract intelligence)

B Capital first invested in Icertis in 2017 and has described support spanning business development initiatives, market expansion, and organizational design. In 2019, Icertis reached unicorn status; in 2021, B Capital led the company’s $80M Series F at a reported $2.8B valuation (widely reported in press). In 2022, SAP announced a $150M convertible investment alongside an expanded partnership. Measurable outcomes include valuation milestones and broader distribution via the SAP ecosystem; attribution is shared with Icertis’ execution and broader investor/partner contributions.

Limits and What Founders Should Expect

B Capital is not an outsourced salesforce or full-time recruiting agency; intros and searches are prioritized based on readiness and fit. BCG projects are scoped, time-bound, and require executive engagement and data access. Customer deals are not guaranteed; hiring support is typically light-touch (specs, calibration, shortlists) unless a dedicated retained search is arranged. Founders get the most from B Capital support by aligning on a 90-day plan, specifying 3–5 target accounts for C-level intros, agreeing on success metrics, and scheduling regular operating reviews.

Application Process, Diligence and Timeline

A practical guide to the B Capital application process, typical diligence steps, and timelines for founders seeking to apply to B Capital.

Founders can apply to B Capital via the firm’s website, warm introductions from founders/investors, or outreach at industry events. Screening emphasizes fit with B Capital’s themes, traction, and unit economics. Timelines below are ranges inferred from typical VC processes, founder blogs, Glassdoor feedback, deal announcements, and public materials; they vary by stage, sector, and deal complexity.

Expect 3–8 weeks from first contact to term sheet in most cases, with deep diligence often taking 2–4 weeks and post–term sheet legal work 1–3 weeks to close. B Capital diligence prioritizes team-market fit, product differentiation, revenue quality, pipeline and churn dynamics, and efficient go-to-market. Fast decisions correlate with a complete data room, prompt responses, clean cap table, clear ARR definitions, and defensible CAC, LTV, and payback. Slower decisions often stem from missing metrics, unclear cohort behavior, unresolved IP or cap table issues, or inconsistent financials. Prepare forward-looking and historical views, ensure metric definitions are consistent, and be ready for customer and backchannel references.

1. Pitch deck and 1–2 page executive summary
2. Data room index with access control
3. 12–24 month financial model with scenarios
4. Historical P&L, balance sheet, cash flow (monthly)
5. ARR/MRR and cohorts: retention, churn, net dollar retention
6. Unit economics: CAC, LTV, payback, gross margin
7. Sales pipeline by stage, win rates, cycle length
8. Cap table (fully diluted), option pool strategy, SAFEs/notes
9. Customer references (3–6) and logos by segment
10. Product demo, roadmap, security/compliance posture

• Define ARR, churn, and cohort logic upfront; keep one metric glossary.
• Show CAC:LTV and payback by segment and over time, not just averages.
• Share raw exports (CRM, billing) alongside summaries to speed validation.
• Pre-clear IP assignments, vendor contracts, and data processing addenda.
• Offer live customer references early and schedule quickly.
• Respond within 24–48 hours; maintain a single-threaded owner for requests.

B Capital step-by-step process and timing (ranges, not promises)

Checklist of diligence documents and metrics

Portfolio Company Testimonials and Founder Feedback

A concise, source-cited roundup of B Capital testimonials and founder feedback, highlighting value-add, GTM support via BCG, and areas for improvement. SEO: B Capital testimonials, B Capital founders, B Capital portfolio feedback.

Public, on-the-record testimonials about working with B Capital skew positive and emphasize value-add beyond capital (notably BCG-enabled GTM and enterprise access). Below are attributed quotes and paraphrased anecdotes with context and links, followed by a brief synthesis of common praise and recurring criticisms.

• What founders commonly praise: hands-on GTM help, enterprise introductions, and strategic support through BCG and B Capital’s operating teams.
• Complaints or limitations: BCG-style engagements can feel structured and slower to spin up; value-add skews toward later-stage or enterprise-heavy motions; network benefits vary by geography/sector.
• Representativeness: Public testimonials tend to be positive; limited on-record critical feedback means results may not reflect the full distribution of founder experiences.

Selected testimonials with context and sources

Synthesis of praise and recurring criticisms

Across publicly available statements, founders and executives most often highlight B Capital’s enterprise GTM leverage through BCG, introductions to customers/partners, and strategic help on pricing, market entry, and fundraising. Critiques in public forums are rarer; where mentioned, they note that BCG-style projects can introduce process overhead and that benefits concentrate in enterprise and later-stage contexts.

• Positive themes: GTM acceleration via BCG; strategic support on pricing and market entry; trusted, long-term partnership.
• Constructive criticism: project kickoff and scoping can add friction; outcomes vary by stage/sector/geography; some teams seek faster tactical help.

Direct quotes (short)

Included above: B Capital’s portfolio NPS summary quote and TechCrunch’s description of Evidation Health’s Asia expansion attribution. These are the most consistently cited, on-record items tied to B Capital’s specific value-add.

Market Positioning and Differentiation

Analytical view of B Capital positioning versus Accel, Sequoia, General Atlantic, and Insight Partners, with comparative metrics and founder fit guidance.

B Capital sits between classic venture and scaled growth equity: a growth-centric manager with roughly $6–7B in AUM and recent dry powder from a $2.4B Growth Fund IV (2024). It typically leads or co-leads $20–60M checks at Series B–D in enterprise software, fintech, and healthtech, with a portfolio more concentrated than high-volume growth platforms. Versus Sequoia and Accel, which span seed through late-stage and leverage deep brand gravity, B Capital is more targeted on scaling milestones post–product-market fit. Versus General Atlantic and Insight Partners, which deploy far larger pools of capital across late-stage and control-like growth, B Capital emphasizes hands-on scaling support and cross-border go-to-market, especially along the US–Asia corridor.

B Capital’s unique selling proposition is operator-grade, commercialization-focused support (via its strategic partnership with BCG) combined with cross-border enterprise access. The firm is most often compared with Sequoia and Accel for B/C rounds and with Insight Partners and General Atlantic for growth rounds. Founders should prefer B Capital when they need Series B–D leadership, structured GTM acceleration, and healthcare/regulated-industry expertise across US and Asia. Competitors may be a better fit when brand signaling at Seed/Series A is decisive (Sequoia, Accel) or when a pre-IPO/late-stage financing requires $100M+ single checks with large-scale portfolio services and IPO playbooks (General Atlantic, Insight). For co-investors, B Capital can anchor or complement a syndicate where operational lift and cross-border customer access are critical, while mega-rounds or Europe-first strategies may align more naturally with Insight or Accel’s regional depth.

• Competitive matrix (positioning axes): Stage focus: Series B–D lead/co-lead; Ticket size: $20–60M; Geographic breadth: US + Asia with cross-border GTM; Operational support: high-touch via BCG partnership; Portfolio concentration: moderate-concentrated vs indexers.

• Differentiator 1: Strategic BCG partnership enabling structured sales, pricing, and ops projects for portfolio, beyond typical VC platform claims.
• Differentiator 2: US–Asia investing footprint with repeat cross-border expansion support in enterprise, fintech, and healthtech.
• Differentiator 3: Growth-focused fund structure (e.g., $2.4B Growth Fund IV, 2024) and $20–60M lead checks that align with B/C scaling needs.

• Where competitors may have an advantage: Early-stage brand gravity and signal stacking (Sequoia, Accel) driving talent, PR, and downstream capital.
• Where competitors may have an advantage: Mega-round capacity and late-stage IPO readiness (General Atlantic, Insight Partners) with $100M+ single-check appetite.

• Choose B Capital if you are Series B–D, need hands-on GTM/enterprise access, and plan US–Asia scale-up in software or healthcare.
• Prefer peers if you need seed/Series A brand signaling (Sequoia, Accel), $100M+ late-stage capital and IPO machinery (General Atlantic, Insight), or Europe-first sector depth (Accel).

Competitive positioning matrix vs peers

Three data-backed differentiators

Fundraising, Fund Sizes and LP Relationships

Technical overview of B Capital funds, vintages, sizes, LP composition where public, and disclosed performance. Emphasis on verifiable filings and press reports with sourcing.

B Capital’s fundraising has scaled from a mid-nine-figure debut to multi-billion-dollar vehicles. Public reporting indicates Fund I closed at $360 million in 2018, marking its initial institutional footprint across US–Asia growth investing [1]. Industry trade press places Fund II at about $822 million in 2020, reflecting a step-up in capacity for later-stage investments [2]. SEC records confirm a subsequent flagship, B Capital Global Growth III, L.P., with a total offering amount of $1.588 billion via a 2021 Form D filing [3]. The firm also diversified with thematic and stage-focused vehicles, notably Healthcare Fund I at $500 million announced in January 2023 [4], and an early-stage Ascent Fund II launched in 2022 with size not publicly disclosed in filings accessible here [5].

LP disclosure is limited. Form D filings provide offering size and investor counts but typically omit LP names; public registries and vendor databases suggest a conventional venture/growth LP mix (public pensions, endowments/foundations, family offices, fund-of-funds), though named LPs for B Capital are largely not publicly confirmed in primary sources. Where LP types are inferred from industry norms rather than primary disclosures, this analysis flags the inference and avoids attributing specific institutions without evidence.

Performance: B Capital has not broadly published fund-level IRR, DPI, or TVPI in primary public sources reviewed here. Any performance figures circulating on data platforms (e.g., Preqin/PitchBook) should be treated as vendor-reported estimates rather than manager-verified results. Form D filings do not include performance. Recent activity: post-2021 the firm has been active across flagship growth and thematic vehicles; beyond the confirmed 2021–2023 closings, current open funds or targets are not reliably disclosed in public primary filings accessible here.

1. [1] TechCrunch (2018): Report that B Capital closed Fund I at $360M. https://techcrunch.com/
2. [2] PE Hub (2020): B Capital Group collects $822m for second fund. https://www.pehub.com/b-capital-group-collects-822m-for-second-fund/
3. [3] SEC EDGAR: Form D for B Capital Global Growth III, L.P. (2021) confirming $1.588B total offering. https://www.sec.gov/edgar/search/#/q=B%20Capital%20Global%20Growth%20III
4. [4] Business Wire (Jan 2023): B Capital announces $500M Healthcare Fund I. https://www.businesswire.com/
5. [5] SEC EDGAR: Search for B Capital Ascent Fund II, L.P. Form D (2022). https://www.sec.gov/edgar/search/#/q=B%20Capital%20Ascent%20Fund%20II
6. [6] SEC: Form D overview (disclosure limits and timing). https://www.sec.gov/smallbusiness/exemptofferings/formd

B Capital fund chronology (vintage, size, focus, sources)

LP types referenced and implications (evidence status)

Fund chronology and size evolution

B Capital funds have grown from a reported $360M Fund I (2018) to a $1.588B flagship offering for Global Growth III per SEC Form D (2021), with thematic expansion via a $500M Healthcare Fund I (2023). This reflects scaling dry powder and product breadth across growth and sector strategies [1][3][4].

LP composition and expectations

Named LPs are not broadly disclosed in primary sources. Based on standard venture/growth LP bases, public pensions, endowments, family offices, fund-of-funds, and potentially sovereign funds are plausible categories, but attribution to B Capital should be considered inferred unless cited directly. Such LP mixes typically imply 10–12 year horizons, periodic reporting, and preference for consistent deployment and DPI.

Performance disclosure and data gaps

No audited fund-level IRR/DPI are publicly posted by the manager; vendor estimates may exist but are not authoritative. Form D filings corroborate offering sizes and timing only. Current open fundraising beyond the vehicles above is not confirmed in EDGAR or press sources reviewed here [3][6].

Engage with B Capital: Contact and Next Steps

Actionable guidance to contact B Capital, apply to B Capital, and craft a sharp B Capital pitch.

Ready to contact B Capital? Use concise outreach and the right channels. Below is how to apply to B Capital, what to include in your B Capital pitch, and what to expect.

How to make first contact

1. Prefer warm introductions from portfolio CEOs, co-investors, or domain experts.
2. If cold, email info@b.capital or use the Connect With Us form on b.capital.
3. On LinkedIn, send a 2–3 line note to the most relevant sector partner; link your deck.
4. Subject lines: Series A – [Company] | $1.2M ARR, 20% MoM or Seed – [Company] | 5 enterprise pilots.

What to send

• One-page executive summary: problem, solution, ICP, ask.
• Pitch deck PDF (<=15 slides).
• Metrics snapshot: ARR/MRR, growth %, retention, CAC, LTV, gross margin, sales cycle.
• Cap table and round details: amount, instrument, committed.
• Milestones and use of funds.
• Regulatory or clinical status if relevant.

Timeline and follow-up

• Triage in 1–2 weeks; if fit, expect a 30–45 minute intro call.
• No reply after 2 weeks: one concise follow-up; after 4 weeks, assume pass unless told otherwise.
• Post-call: have a lightweight data room (financials, cohorts, references).
• Keep one thread; avoid multi-threading partners.

Red flags to avoid

• Unclear or unaudited metrics.
• Incomplete cap table or governance.
• TAM claims without bottoms-up support.
• Weak unit economics or no ICP.
• Claims of no competition.