B Capital closes a $250 million Ascent Fund II

B Capital, a venture capital firm co-founded by Facebook co-founder Eduardo Luiz Saverin and Bain Capital’s Raj Ganguly, said it is closing a $250 million Ascent Fund II, its first dedicated early-stage fund. Ascent invests in pre-seed through series A rounds globally, with an emphasis on the US and Asia, including India. With $6.5 billion in assets under management across multiple funds, B Capital has backed Indian unicorns such as Byju's, Meesho, BlackBuck and Dailyhunt.

“It’s incredible to see the continued pace of growth and development in the early-stage ecosystem across India and South-East Asia, spanning over 1.5 billion people in the most digitally connected countries globally,” said Karan Mohla, Partner, B Capital. Mohla said that with the new fund, the venture capital firm is looking to partner with founders who envision scale for impactful transformation across all sectors.

The Ascent team was founded by chair and general partner Howard Morgan, firm co-founder and Managing Partner Eduardo Saverin, general partners Gabe Greenbaum and Karen Page, and partner Karan Mohla. Leveraging their decades of experience as active partners of early-stage companies, they target founders leading the next wave of innovation across digital healthcare, enterprise software, fintech and logistics, among other growing industries.

Founded in 2015, B Capital leverages an integrated team across eight locations in the US and Asia. Strategic partnership with Boston Consulting Group (BCG) provides portfolio companies access to BCG’s vast network of over 11,000 consultants with market expertise and 1,800 advisors across 90 offices in over 50 countries globally. In 2020, B Capital and Accel led a $105 million funding round in Bounce, the Bengaluru-based smart mobility solutions company which unveiled its first consumer electric scooter in December last year.