B Capital Group, the US-based investment firm sponsored by management consultancy Boston Consulting Group (BCG), closed an oversubscribed venture capital fund at $360m yesterday.
Founded in 2015 in partnership with BCG, B Capital targets global investments in healthcare, financial and insurance technology, transportation and industrial logistics, and what it refers to as consumer enablement.
B Capital Fund had reached its first close at approximately $144m in 2016, and co-founders Eduardo Saverin and Raj Ganguly hinted at the time that the firm was aiming for a final close of about $250m.
The firm intends to back between 20 and 25 portfolio companies with the fund, and the extra capital will allow it to also make follow-on investments, Ganguly said in a blog post. It operates out of three US offices and an Asian office in Singapore.
There are 11 companies in B Capital’s portfolio so far, including autonomous driving software developer AImotive, inventory sales platform InTurn and cloud-based contract management software provider Icertis, which raised $50m in a series D round this week.
Rich Lesser, Boston Consulting Group’s chairman and CEO, said: “It is exciting to see how BCG’s strategic partnership with B Capital Group continues to provide unparalleled connectivity between the world’s leading corporations and innovative startups seeking to transform major industries.”