Next Billion Ventures
Washington, District of Columbia, United StatesFounded 2018
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.
38% of their portfolio is in Fintech. Their most common stage is seed (54% of deals). Average disclosed round size is $11.1M (across 13 rounds with reported amounts).
Portfolio
13
Fund Size
—
Top Stage
Seed
Last 12 Mo
0
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
DealsAvg Round Size
Portfolio
13 investments
| Company | Round | Amount | Date |
|---|---|---|---|
 Clivi | Seed | $10M | Jun 2023 |
 Bazaar | Series A | $30M | Aug 2021 |
 Bazaar | Series A | $30M | Aug 2021 |
 minu | Series A | $14M | Mar 2021 |
 GajiGesa | Seed | $2.5M | Feb 2021 |
 Morada Uno | Seed | $2M | Jan 2021 |
| BBazaar Technologies | Seed | $6.5M | Jan 2021 |
| LLanturn | Seed | $3M | Oct 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 | — |
Top Co-Investors
Wavemaker Partners4 shared
Alter Global3 shared
Defy3 shared
Acrew Capital3 shared
Indus Valley Capital3 shared
Global Founders Capital3 shared
Saison Capital2 shared
Zayn VC2 shared
Jedar Capital2 shared
JAM Fund2 shared
Future Africa2 shared
Passion Capital1 shared
Primary Venture Partners1 shared
Founders Fund1 shared
BY Venture Partners1 shared
Foundation Capital1 shared
FEMSA1 shared
500 Global1 shared
Dalus Capital1 shared
MS&AD Ventures1 shared
Last updated: 8 September 2026