B Capital, a NYC- and Singapore-based global multi-stage venture firm, has closed its $500 million debut Healthcare Fund I that hunts for opportunities in the healthcare sector.

The new fund kicked off when Dr Robert Mittendorff joined B Capital as General Partner in April 2021 to lead the fund and its global healthcare initiatives. The firm aims to double down on opportunities across health tech, digital health, biotech and medtech verticals with the new capital.

“Technological advancements in biology, AI and automation are transforming the industry, with business models seeing the convergence of traditional players in novel ways,” said Robert Mittendorff, Managing Director, General Partner, and Head of Healthcare at B Capital.

The healthcare sector is not new to B Capital, which has built a global portfolio of 20 firms across the US, Asia and Europe spanning early- to late-stage investments, including Hotspot Therapeutics, Triumvira and CapitalRX.

B Capital’s healthcare fund follows the close of Growth Fund III in January at $2.1 billion. With the close of these funds, the firm’s total assets under management are approximately $6.3 billion.

Founded by Raj Ganguly and Facebook co-founder Eduardo Saverin in 2014, the firm has an integrated team across nine locations in the US and Asia and a strategic partnership with Boston Consulting Group to expand into new markets and support entrepreneurs across all growth stages.