Next Billion Ventures
Next Billion Ventures is a Washington, D.C.-based venture capital firm founded in 2018 that invests in early- and growth-stage technology companies in emerging markets, with focus areas spanning fintech, healthcare, education, enterprise software (including MSME productivity tools), and food & agriculture.
32% of their portfolio is in Fintech. They made 2 investments in the last 12 months. Their most common stage is seed (41% of deals). Average disclosed round size is $13.8M (across 22 rounds with reported amounts).
Portfolio
15
Fund Size
—
Top Stage
Seed
Last 12 Mo
2
Team
Kentaro Toyoda
Managing Partner
Ruzgar Barisik
Managing Partner
Falgu Shah
Partner
Vlad Tsapko
PARTNER
Eduard Melli
Vice President
Tracy Barba
Head of Investor Relations
Portfolio Breakdown
Stage Distribution
Sector Distribution
Investment Activity
Portfolio
| Company | Round | Amount | Date |
|---|---|---|---|
 BHub | Series B | $10M | Nov 2025 |
 Bhub | Series B | $10M | Nov 2025 |
 Clivi | Seed | $10M | Jun 2023 |
 Minu | Bridge | $30M | Feb 2023 |
| BHub | Series A | $20M | Dec 2021 |
| Bhub | Series A | $20M | Dec 2021 |
 Bazaar | Series A | $30M | Aug 2021 |
 Bazaar | Series A | $30M | Aug 2021 |
| Minu | Series A | $14M | Mar 2021 |
 GajiGesa | Seed | $2.5M | Feb 2021 |
| Bazaar | Seed | $6.5M | Jan 2021 |
 Morada Uno | Seed | $2M | Jan 2021 |
| BBazaar Technologies | Seed | $6.5M | Jan 2021 |
| Bazaar | Seed | $6.5M | Jan 2021 |
| LLanturn | Seed | $3M | Oct 2020 |
| PPropzy | Series A | $25M | Jun 2020 |
| PPropzy | Series A | $25M | Jan 2020 |
 TopUp Mama | Seed | $1.7M | — |
| DDropezy | Unknown | $2.5M | — |
 TopUp Mama | Seed | $1.7M | — |
 Advance | Series A | $16M | — |
| Minu | Series B | $30M | — |
Top Co-Investors
Last updated: 20 October 2026