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B Capital Builds a World-Class Climate Investment Platform

April 4, 2024

Rich Lesser Joins as Vice Chair, Climate & Sustainability and Senior Advisor. Jeff Johnson Joins as General Partner Leading Climate.

NEW YORK, April 4, 2024 – B Capital, a global multi-stage investment firm, today announced two appointments to further expand its climate investment platform. Rich Lesser, Global Chair and former CEO of Boston Consulting Group (“BCG”), has joined as Vice Chair, Climate & Sustainability and Senior Advisor to help drive the firm’s strategic direction in climate and sustainability. He will continue in his role at BCG and strengthen the links between the two firms in this critical area. Additionally, Jeff Johnson has joined as General Partner to lead the firm’s growing climate investment team with nearly 25 years of experience in sustainable technology.

“Rich has been an advisor to the B Capital leadership team since our launch, and we’re excited for him to join us in a more formal role. He has an unmatched reputation for climate and sustainability leadership, including serving as Chief Advisor to the World Economic Forum’s Alliance of CEO Climate Leaders and building out the practice area at BCG,” said Raj Ganguly, Co-founder and Co-CEO at B Capital.

Eduardo Saverin, Co-founder and Co-CEO of B Capital, added, “As more businesses integrate climate into their strategies, Rich’s strategic direction and Jeff’s investment leadership will help us partner with and back the industry’s leading climate entrepreneurs. We are particularly excited that like many of us here at B Capital, Jeff brings deep experience as an investor and entrepreneur in scaling growth companies.”

With an estimated $5 trillion in annual investment needed by 2030 to reach international net zero targets, combating climate change will require significant resources and innovation across industries. B Capital’s climate platform seeks to leverage its global footprint – and strategic partnership with BCG – to invest in and support growth businesses that are working to achieve those net zero targets.

Mr. Lesser said, “I have known the B Capital team since inception and have seen firsthand how they create value for companies and investors. I believe innovation is key to decarbonizing the economy and am thrilled to join a best-in-class organization that shares my passion for sustainability. I look forward to working with Raj, Jeff and the entire team in this expanded role to help shape and support B Capital’s strategic ambitions in climate and sustainability and further leverage the value-added capabilities that B Capital, with BCG consulting support, can provide.”

“Combating climate change requires big ideas, complex solutions and an exceptional ability to execute,” Mr. Johnson said. “With its comprehensive global platform, unique corporate network and value-add approach, B Capital is positioned as the partner of choice for climate entrepreneurs. At a time when advancement in the industry is needed urgently, I am excited to join B Capital’s climate team and help proven businesses scale their commercial performance and long-term climate impact.”

Mr. Johnson and Mr. Lesser’s appointments follow the addition of Don Wood as a Venture Partner focused on climate in May 2023. They will join Karan Mohla, a General Partner on B Capital’s Asia team, and Karly Wentz, Climate Senior Principal, to further build out the team. The firm has made several recent climate tech investments, including Patch Technologies, a platform offering a suite of APIs and developer tools to connect buyers and sellers of carbon credits, and Accacia, a provider of AI-enabled decarbonization solutions to the real estate industry.

About Rich Lesser

Mr. Lesser serves as Global Chair of BCG and has more than 35 years of experience engaging with CEOs, boards of directors and senior leaders on critical topics, including climate and sustainability. He served as BCG’s CEO from 2013 to 2021, a period of exceptional growth for the firm and during which he launched the BCG Center for Climate & Sustainability. Mr. Lesser also serves as Chief Advisor to the World Economic Forum’s Alliance of CEO Climate Leaders and is a co-chair of several other leading organizations. Prior to joining BCG, he worked in product development at Procter & Gamble. Mr. Lesser has an MBA from Harvard Business School and a B.S. in chemical engineering from the University of Michigan.

About Jeff Johnson

Mr. Johnson brings nearly 25 years of investment, entrepreneurship and corporate experience across climate and technology. He most recently served as a Managing Director at Temasek leading the sustainable investing team for the global investment firm. Prior to Temasek, Jeff ran a boutique advisory business focused on scaling of sustainable businesses. He also co-founded and was on the Board of Xpansiv, the world’s leading provider of market infrastructure for environmental commodities. Jeff worked in innovation business development at ABB between 2012 to 2014, leading growth initiatives for new sustainable products and services. Earlier in his career, he held several leadership and business development roles at Better Place, Vendavo, and Intel Corporation. Jeff holds a Bachelor of Science in Industrial Engineering from University of Florida and a Master of Science in Engineering Systems from the Massachusetts Institute of Technology.

About B Capital

B Capital is a multi-stage global investment firm that partners with extraordinary entrepreneurs to shape the future through technology. With more than $6 billion in assets under management across multiple funds, the firm focuses on seed to late-stage venture growth investments, primarily in the Technology, Healthcare and Climate sectors. Founded in 2015, 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.

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