Eduardo Saverin’s Ascent Fund III will invest in early stage startups.

Eduardo Saverin’s B Capital Group is currently engaged in discussions to raise $500 million for a fresh venture fund targeting early-stage startups. According to anonymous sources familiar with the matter, the fund will be the company’s third Ascent Fund and will concentrate on investments in seed and Series A rounds.

B Capital aims to invest in various sectors, including enterprise software, healthcare, financial technology, and climate technology. If successful, this new fund would approximately double the size of its predecessor fund from 2021, which amounted to $254 million. (Bloomberg)

It is important to note that the fundraising efforts are distinct from the $2.1 billion intended for growth and associated funds that the firm announced earlier this year in January. B Capital declined to provide any comment on the matter when approached by reporters.

The company, co-founded by Eduardo Saverin and Raj Ganguly, has previously made investments in prominent companies such as Byju’s, DataRobot, FalconX, and Pendo. B Capital currently manages approximately $6.3 billion in assets, including its Growth Fund III and companion funds, and counts the New York State Common Retirement Fund and the New Mexico Educational Retirement Board among its limited partners.

Additionally, B Capital has established a collaborative partnership with the Boston Consulting Group, encompassing the provision of expert advice and support concerning liquidity events such as sales.

In November, Stellantis NV agreed to acquire aiMotive, one of B Capital’s portfolio companies specializing in automotive software.

Eduardo Saverin expressed optimism in January, stating that the tech correction could create favorable conditions for investing, citing historical examples of volatile times fostering new ideas and breakthrough innovation.

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