Venture Capital firm B Capital has closed its inaugural Healthcare Fund I, which plans to invest close to $500 million towards opportunities across the healthcare sector including areas like digital health and biotech.
“Technological advancements in biology, AI, and automation are transforming the industry, with business models seeing the convergence of traditional players in novel ways. This moment presents a unique opportunity for B Capital to leverage our dedicated healthcare capital and active investment strategy to find and support companies advancing the healthcare sector,” said Robert Mittendorff, managing director and general partner at B Capital.
The $500 million of investment will come in from the Healthcare Fund I and Growth Fund III which was closed in January this year.
Mittendorff joined B Capital in April 2021 to lead Healthcare Fund I and B Capital’s broader healthcare initiatives globally.
“The B Capital Healthcare team is focused on deploying capital to category-defining companies that are building breakthrough products and solutions shaping the future of healthcare,” Mittendorff said.
Founded in 2015, the US-based B Capital leverages an integrated team across nine locations in the US and Asia, as well as a strategic partnership with BCG, to provide the value-added support entrepreneurs need to scale fast and efficiently, expand into new markets and build exceptional companies.
The current B Capital global healthcare portfolio includes over 20 companies in the US, Asia and Europe, spanning early venture to late growth venture, across healthtech, digital health, biotech and medtech.
The team co-led the latest round of investment in Hotspot Therapeutics, an AI-enabled drug discovery company, and led the latest round in Triumvira, a novel cell therapy platform in clinical development. In medtech, the team led the last round in Carlsmed, an AI-enabled personalized spinal implant company.
B Capital had in January announced the close of Growth Fund III and affiliated funds with aggregate capital commitments of approximately $2.1 billion. With these closures, B Capital’s total assets under management stood at $6.3 billion, the VC firm said in a media statement.