Known to the general public as the co-founder of Facebook, these days Eduardo Saverin presides over his own fintech empire.
Eduardo Saverin was born in São Paulo in 1982 but migrated with his family to the US in 1993, where he studied at Harvard and befriended fellow student Mark Zuckerberg, with the two of them dreaming up the idea for Facebook, the social network which would make them both very rich.
Once the company was up and running, Saverin became its CFO, but was later ousted by Zuckerberg, the latter citing the Brazilian’s lack of cooperation. Lawsuits were filed by both parties, but they settled their financial differences in 2009, with Saverin signing a non-disclosure agreement. Saverin renounced his US citizenship in 2011 prior to Facebook’s IPO.
Since 2009, the 38-year old has been based in Singapore, where he founded an online portal for charitable donations, Aporta, in 2010, and in 2014 launched venture capital firm B Capital, in partnership with Raj Ganguly. The firm invests in B2B startups across four technology enabled verticals: enterprise technology and consumer enablement, fintech and insurtech, transportation and industrial, and healthcare tech and bio IT.
“The B Capital team has domain expertise in our investment areas and we employ a global investment approach,” reads a statement on the firm’s website. “B Capital invests in transformative technology startups during their early expansion stage, typically occurring in Series B or Series C rounds, at which time a company is prepared for rapid growth and acceleration. We aim to invest $10 million to $50 million in each portfolio company, including reserves for future growth funding,” it states. Saverin is currently ranked 109 on Bloomberg’s Billionaires Index, with a net worth of $15.4 billion.
In the industrial and transportation sector, B Capital seeks to fund platforms “that unlock new standards of safety and efficiency across transportation and industrial processes,” the firm states, while its focus in the healthcare and bio IT sector is on connected products and platforms that bring advanced technology applications to health systems, providers and treatment developers.
Fintech & insuretech empire
In the enterprise technology and consumer enablement space, B Capital targets startups that use infrastructure and applications to support enterprises, while its fintech and insurtech investments seek to grow companies offering services that extend financial capabilities for businesses, dramatically reduce costs to acquire and serve customers, and transform the rails of finance. B Capital’s portfolio companies include AImotive, Atomwise, Blackbuck, Bounce, Bright.md, CXA, Evidation Health, Icertis, INTURN, Plastiq, Ninja Van and Notable Labs.
In June 2020, B Capital announced the close of its second fund, an $820 million vehicle to invest in growth-stage startups transforming large industries and scaling rapidly. With a portfolio of nearly 30 companies in Asia, Europe and the United States, this new fund brings the total assets under management by the firm to $1.44 billion.
Among B Capital’s recent investments are Synack, a crowdsourced cybersecurity testing platform powered by skilled ethical hackers, and Khatabook, a Bangalore-based startup that digitizes local businesses through bookkeeping and online payments.
“When we founded B Capital Group, Raj and I were committed to building a firm that looks for innovation off the beaten path and technology that has applications beyond just one region,” Saverin said following the close of the firm’s second fund in June. “We wanted to set a new standard for growth-stage investing. This fund validates our unique model and the differentiated value we bring to our portfolio.”