How many investments has Next Billion Capital Partners made?

Next Billion Capital Partners has 36 tracked investments, 1 of which have exited, including 2 dated in the last 24 months.

What stage does Next Billion Capital Partners invest at?

Next Billion Capital Partners invests at the Series B, Growth stages.

What sectors does Next Billion Capital Partners focus on?

Next Billion Capital Partners focuses on AI & Machine Learning, Digital Health, E-commerce, Fintech, Healthtech, InsurTech, Logistics & Supply Chain, SaaS, Sector Agnostic.

Does Next Billion Capital Partners lead rounds?

Yes, Next Billion Capital Partners leads investment rounds.

Who does Next Billion Capital Partners co-invest with?

Next Billion Capital Partners most often shares deals with 500 Global, Kaszek Ventures, Softbank Latin America Fund, among 77 tracked co-investors.

Next Billion Capital Partners

Growth equity

Series B–Growth · 14 people tracked

Also known as Next Billion

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4,309 people in our graph share verified history with the Next Billion Capital Partners team — schools, employers, funds. One of them is your warm intro.

Karen Serem Waithakaunlockedknows Ciku Mugambi · together at DOB Equity (overlapped)

×2knows the team · via DOB Equity

×2knows the team · via responsAbility Investments

knows the team · via Bank of England

knows the team · via KPMG India

×4knows the team · via International Finance Corporation

✨ Fox Verdict

Investment thesis

Next Billion Capital Partners targets transformative growth in global emerging markets, concentrating on industries where mobile-first business models are reshaping how services are delivered. The firm backs growth-stage companies in financial services, insurance, and healthcare that serve consumers and small to mid-sized businesses fueling economic expansion. It partners with market leaders in regions where rising digital adoption is redefining everyday services such as banking, credit, insurance, and primary care. The team, led by former IFC investors with a decade of shared experience and a top-quartile track record, combines local networks, global expertise, and sector insight to accelerate growth and create long-term value. It is supported by leading institutional LPs.

Source: firm website, verified Sep 27, 2026.

Stage

Series B–Growth

Leads rounds

Leads

Instruments

Equity

Last 12 months

1 investment

Private fund assets

$25M

VC funds

Tracked investments

Unicorns

Acquisitions

Team · 14 people

from the firm's website & public directories

Kentaro Toyoda· Managing Partner· Atlanta Metropolitan Areain

Ex-IFC investment officer specializing in technology and financial services across Latin America and Asia.

Ruzgar Barisik· Managing Partner· New York, New York, United Statesin

Former IFC Principal in emerging markets private equity who led over $2B in transactions across Asia and Africa.

Falgu Shah· Partner· London, England, United Kingdomin

Technology sector specialist with operational experience scaling growth-stage companies.

Vlad Tsapko· Partner

Private equity and growth investor with emerging markets experience, previously at IFC and responsAbility.

Volodymyr Tsapko· Partner· Manchester Area, United Kingdomin

Eduard Melli· Vice President· Greater Stockholm Metropolitan Areain

Investment professional with a background in growth equity and impact investing, previously at responsAbility and Credit Suisse.

Ciku Mugambi· Venture Partner· Nairobi County, Kenyain

Cikü Mugambi is an Investment Director at DOB Equity with 15 years of investment and operational experience across Africa. She began her career at KPMG in Audit and Deal Advisory, later joined the International Finance Corporation's Disruptive Technologies and Funds team leading equity investments in technology startups and VC funds across Sub-Saharan Africa, and most recently served as CEO of digital logistics platform Kobo360. She holds an MBA from Strathmore Business School and IESE Business School, a BSc in Actuarial Science from the University of Nairobi, and is a Certified Public Accountant of Kenya.

Khaled Talhouni· Venture Partner· Dubai, United Arab Emiratesin 𝕏

Khaled Talhouni, one of MENA’s earliest tech VCs with a decade backing Careem, Mumzworld and LittleBits, brings deep pattern recognition across MENA and adjacent markets, seeking founders who embrace discomfort.

Luiz Mazetto· Venture Partner· Brazilin

Tiang Lim Foo· Venture Partner· Singapore, Singaporein

Tiang Lim Foo is a Founding Partner at Analog Ventures, where he focuses on early-stage startup investing. His prior experience includes roles at SeedPlus, Jungle Ventures, Evernote, and Stream Media, spanning both startup operations and venture investing.

Stevon Darling· Venture Partner· Mexico, Mexicoin 𝕏

Stevon D. Darling is Co-Founder of ONEST, a financial technology company that provides financial products to underbanked customers in Latin America and the Caribbean. He previously worked at the International Finance Corporation (World Bank) and Goldman Sachs, with experience in financial inclusion and technology investing across emerging markets in Latin America, the Caribbean, and Africa. He also serves as a board member and strategic advisor to companies in sectors including B2B SaaS, logistics, health tech, fintech, edtech, and marketplaces.

Christopher Schroeder· Senior Advisor· Washington DC-Baltimore Areain

Christopher Schroeder is a venture investor and policy advisor working across technology, capital, and global strategy, and a former CEO who has led digital media and social platforms and advised government leaders. He chairs the board of trustees of the German Marshall Fund and serves on other technology and non-profit boards, as well as on the investment committees of global venture funds. He authored Startup Rising: The Entrepreneurial Revolution Remaking the Middle East, was among LinkedIn's early Top Voices, and has appeared on CNN and CNBC.

Jamie Muller· Associate· City of Cape Town, Western Cape, South Africain

Jamie Muller is an Associate at Next Billion Capital Partners, a venture capital firm focused on emerging markets. In this role, Muller works with growth-stage startups across emerging markets on scaling their operations.

Tracy Barba· Head of Investor Relations· Swedenin

Venture capital and private equity strategist focused on investor relations, capital formation, and ESG and AI governance.

What they invest in

from 18 of 36 portfolio companies

Fintech ×11B2B Marketplaces ×4Consumer ×4E-commerce ×4HR Tech ×4Enterprise Software ×3SaaS ×3Digital Health ×2

HQs:Brazil×5Egypt×2Indonesia×2Philippines×2Pakistan×2Singapore×2

Who they back

founder profiles across 12 portfolio companies

42%

solo founders

5 of 12 mapped founding teams

38%

repeat founders

of 21 founders with career history

Founding team size:solo founder×52 founders×43 founders×24+ founders×1

Where their founders studiedfrom 20 founders with education data

Harvard Business School Online ×2Stanford University Graduate School of Business ×2The American University in Cairo ×2Universidad de 'San Andrés' ×2

What their founders studiedfrom 20 founders with field-of-study data

Business & Management ×6Economics ×6Engineering ×3Computer Science ×2Finance & Accounting ×2

Where their founders worked beforefrom 21 founders with career history

AIG ×2Danone ×2Doctoralia México ×2Entrepreneurs' Organization ×2Uber ×2

Accelerator rootsportfolio companies that came through a program

Y Combinator ×3

4 hold an MBA (of 20 with degree data)

Investments · 36 tracked

founders shown can be your intro path

By year:2025 · 1 2024 · 12 dated

Abhiabhi.com.pk in 𝕏

ABHI creates financial products designed for consumers in Pakistan.

FintechHR TechSaaSKarachi, PK

Omair Ansari(Founder)in Ali Ladhubhai(Founder)in

Co-investorsY Combinator Alter Global BOD TECH CO.Capria Ventures D4 Ventures Endeavor Catalyst +10 more

Advanceadvance.ph in

Advance is a Filipino fintech company that provides flexible credit lines to employees and businesses seeking greater financial resilience and access.

FintechManila, PH

Addi Guevara(Founder)in

Co-investorsAccion Do Ventures Management, Llc Foxmont Capital Partners Integra Partners Kaya Founders Oyster Ventures

Alicealice.com.br in

Alice is a Brazilian corporate health plan (plano de saúde empresarial) for companies, combining a curated network of doctors and hospitals with an app-based care team and a data-driven, proactive care model.

Digital HealthHealthtechInsurTech

Guilherme [Gui] Azevedo(Founder)inIsabela Chusid

Co-investorsEndeavor Catalyst Grupo Globo - Mídia e Conteúdo IKJ Capital Kaszek Ventures MAYA Capital Ventures Softbank Latin America Fund +8 more

Bazaartechbazaartech.com in 𝕏

Bazaar Technologies operates an e-commerce and financial services platform in Pakistan that connects households and businesses to products ranging from groceries to office supplies and electronics.

B2B MarketplacesConsumerE-commerceFintechFoodTech

Saad Jangda(Founder)inHamza Jawaid(Founder)in

Co-investorsAcrew Capital Alter Global Amaana Capital BY Venture Partners Defy Partners Indus Valley Capital +6 more

BHubbhub.com inDec 2025

BHub provides accounting, tax, and financial back-office (BPO) services for companies in Brazil, including bookkeeping, reconciliations, tax compliance, and financial governance.

Enterprise SoftwareFintechSaaSSão Paulo, BR

Jorge Vargas Neto(Founder)inFernando Ricco(Co-Founder (former CFO; stepped down December 2024))inFintech SaaS Jorge Vargas Neto(Founder)Marcelio Leal(Co-Founder (former CTO))in Vanessa Muglia(Co-Founder (former CLO))in

Co-investors17Sigma Capria Ventures Clocktower Ventures Latitud Ventures MONASHEES Norte Ventures +5 more

Clivi AIclivi.com.mx in

Clivi provides an online medical treatment service in Mexico, combining virtual evaluations, laboratory tests, physician consultations, home medication delivery, and app-based progress tracking.

Digital HealthHealthtechWellness & Fitness

GISELA CORTES inJair Morales Olverain Ricardo Moguel in Eduardo Ortiz in

Co-investors500 Global Dalus Capital FEMSA Ventures Rapid Scale Latitud Ventures

creditascreditas.com in 𝕏

Creditas is a Brazilian financial platform offering secured loans (using vehicles or real estate as collateral), payroll loans, auto and home financing, insurance, and flexible employee benefits.

ConsumerFintechInsurTech

Sergio Furio(Founder)in

Co-investors1Crowd Amadeus Capital Partners Headline Headline Growth Management, LLC Kaszek Ventures Lightrock +13 more

Faciofacio.com.br in

Facio provides early wage access services to employees in Brazil, allowing workers to receive portions of their earned salary before the standard payment schedule.

FintechSão Paulo, BR

Márcio Dos Santos(Founder)in Saulo Tristao(Founder)in Ticiano Vieira(Founder)in Márcio Vinicius dos Santos(Founder)inTiciano V(Founder)Stefan Jeschonnek(Director)in

Co-investorsFEBE Ventures MONASHEES Onevc Venture Partners Llc Tekton Ventures Y Combinator Saison Capital

Fawryfawry.com in 𝕏

Fawry provides digital banking and business payment services for enterprises and retail partners.

Enterprise SoftwareFintech

Co-investorsHelios Digital Ventures EBRD

Gajigesagajigesa.com in 𝕏

GajiGesa provides Earned Wage Access (EWA) that lets employees draw earned salary before payday, along with payroll financing to cover employee wages.

FintechHR Tech

Ade Yuanda Saragih in

Co-investorsQuest Ventures

Kredivokredivocorp.com in

Kredivo Group operates a digital financial services platform in Southeast Asia, primarily offering buy-now-pay-later (BNPL) and instant credit solutions through partnerships with banks, merchants, and telecom providers.

B2B MarketplacesConsumerE-commerceFintechJakarta, ID

Akshay Garg(Group CEO and Co-Founder)inUmang Rustagi(Co-Founder and President Director (Kredivo Indonesia))

Co-investorsJungle Ventures Mizuho Financial Group Cathay Innovation Defy Partners Ensemble VC GMO VenturePartners +3 more

Loggiloggi.com in

The page shown is a blog article about how to make money on Pinterest in 2026, not a description of the company's own product or services.

Rafael Szarf(CEO)

Co-investorsCapSur Capital Iporanga Ventures Kaszek Ventures M12 (Microsoft's Venture Fund)MONASHEES Notable Capital +6 more

Minuminu.mx in 𝕏Nov 2024

minu offers a workplace benefits platform for companies in Mexico, letting HR teams activate over 50 employee benefits such as on-demand salary (earned wage access), savings, food vouchers, loans, telemedicine, and financial education.

FintechFuture of WorkHR TechPalos Verdes Estates, US

Adam Guggenheim(Executive Officer, Director)inChristine Koppinger(Executive Officer, Director)in

Co-investors500 Global Accial Capital Capria Ventures Cats.vc Clocktower Ventures Invariantes Fund +13 more

Moglixmoglix.com in 𝕏

Moglix is an Asia-based B2B e-commerce marketplace for procurement of industrial supplies, including MRO, safety, electricals, lighting, cleaning, office supplies, and power tools.

Advanced ManufacturingB2B MarketplacesE-commerceLogistics & Supply ChainSingapore, SG

Rahul Garg(Founder & CEO)in Sandeep Goel(MD & COO)in Amit Kumar(MD & CBO)in Sanjeev Arora(Chief Financial Officer)in

Co-investorsAccel Jungle Ventures IFC Alpha Wave Global Peak XV Partners Rocketship.vc +6 more

Recargapayrecargapay.com.br in 𝕏

RecargaPay is a Brazilian mobile financial app offering fixed-income CDB investments (issued by RP Financeira, a Central Bank–regulated institution), with returns of 107% to 110% of the CDI, FGC protection, and a minimum investment of R$50.

ConsumerFintechMiami, BR

Alvaro Teijeiro(Executive Officer, Director)in Rodrigo Teijeiro(Founder)inDiego Escobar(Executive Officer)inGustavo Victorica(Executive Officer, Director)

BoardSteven Schlenker(Director)Anil Pereira(Director)

Co-investorsDN Capital Fuel Venture Capital SquareOne Capital Staenberg Venture Partners TheVentureCity 8i Ventures

Reddoorzreddoorz.com in

Reddoorz operates a budget accommodation booking platform across Southeast Asia, listing partner properties that meet a set standard of amenities such as Wi-Fi, air-conditioned rooms and daily water.

PropTech

Amit Saberwal(Founder)in Asheesh Saxena in Jensen Tan inRishabh Singhi in

Co-investors500 Global Jungle Ventures Qiming Venture Partners Rakuten Capital

Souqsouq.comAcquired

Souq.com redirects to Amazon.ae, an online retail marketplace serving the United Arab Emirates that sells products across categories including electronics, baby, beauty, grocery, fashion, and home goods.

E-commerceMarketplacesRetail Tech

Co-investorsWamda Capital Naspers Tiger Global Management

Sproutsprout.ph in 𝕏

Sprout HR is an all-in-one human resources software platform for Philippine-based organizations that automates timekeeping, attendance tracking, payroll processing, and employee lifecycle management.

AI & Machine LearningFuture of WorkHR TechSaaSManila, PH

Patrick Gentry(CEO & Co-founder)Kislay Chandra(Chief Operations Officer)Renzo Belardo(Chief Marketing Officer)Gian Paulo dela Rama(Head of Sprout AI Labs (SAIL) and Chief Product Officer)

Co-investorsIntegra Partners Point72 Ventures AFG Partners

Trellatrella.app in

Trella operates a digital freight marketplace connecting shippers with vetted carriers for trucking and logistics across Egypt, Saudi Arabia, and the UAE.

B2B MarketplacesEnterprise SoftwareLogistics & Supply ChainMarketplacesCairo, EG

Omar Hagrass(Founder)inAli El Atrash(Founder)inPierre Saad(Founder)in

Co-investors4DX Ventures Flucas Ventures Foundation Ventures LoftyInc Capital Maersk Growth VentureSouq +5 more

Other

Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.

AgroContarAI financial reporting in BrazilBudget hotel platform in Southeast AsiaChronic disease management in MexicoDigital insurance distribution in Southeast AsiaDigital lender in BrazilDigital payments network in BrazilFinancial wellness benefits in IndonesiaFlexible employee benefits in MexicoHepsiburadaLast-mile logistics in BrazilLast-mile logistics provider in BrazilProcurement platform in IndiaQoalaSalary-linked lending in BrazilTrucking technology in MENAValue-based health insurance in Brazil

Portfolio news

latest coverage across their companies

Souq.com Raises $580 Million to Fuel the Arab E-Commerce Revolution | SignalBase

Souq · trysignalbase.com · Apr 3, 2025

Frequently asked questions

How many investments has Next Billion Capital Partners made?: Next Billion Capital Partners has 36 tracked investments, 1 of which have exited, including 2 dated in the last 24 months.
What stage does Next Billion Capital Partners invest at?: Next Billion Capital Partners invests at the Series B, Growth stages.
What sectors does Next Billion Capital Partners focus on?: Next Billion Capital Partners focuses on AI & Machine Learning, Digital Health, E-commerce, Fintech, Healthtech, InsurTech, Logistics & Supply Chain, SaaS, Sector Agnostic.
Does Next Billion Capital Partners lead rounds?: Yes, Next Billion Capital Partners leads investment rounds.
Who does Next Billion Capital Partners co-invest with?: Next Billion Capital Partners most often shares deals with 500 Global, Kaszek Ventures, Softbank Latin America Fund, among 77 tracked co-investors.

Images

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