B Capital Group, the investment firm Co-founded by Eduardo Saverin, has hired Howard Morgan, a 71-year-old veteran of the finance world, to head the company as Chairman, according to the New York Times.
The two-year-old company — which has offices in San Francisco, Los Angeles and Singapore — made the move to strengthen itself as a global VC firm. This involves two tasks for Morgan. First, he will focus on building company culture and helping find investments outside of Silicon Valley and China.
The New York Times article hinted that Southeast Asia stands to benefit from the renewed focus.
In Singapore, B Capital is one of the few growth-stage investment firms in the city with strong ties to the US. For example, it has invested in a California healthtech company named Evidation Health as well as the Singapore logisitics company Ninja Van.
Who is Howard Morgan?
In the context of B Capital, Morgan’s most important resume point is that the firm he Co-founded, First Round Capital, was the first institutional investor in Uber.
Morgan announced his retirement from the company late last year but First Round built an impressive resume in its 12 years under his helm. Besides Uber, First Round also has invested in Mint, TaskRabbit and vidme.
Prior to First Round, Morgan was on the Board of Directors for a Silicon Valley ideation company called Idealab. He was also the Head of Investments for a hedge fund named Rennaisance Technologies in the 1980s.
Raj Ganguly, who Co-founded B Capital with Saverin, said Morgan has been a mentor and advisor to the fund since the beginning, according to a quote in the article.
B Capital has a strategic partnership with The Boston Consulting Group and the firm brought in two additional industry veterans, Rohit Bhagat and Joe Davis, with ties to the management consulting company.
Correction, a previous version of this article stated Renaissance Technologies is closed. It is not.
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