The investment firm Next Billion Capital Partners funds tech ventures supporting access to basic services in emerging markets. It reached a first close for its debut Digital Growth Fund with backing from Impact Engine, Capricorn Investment Group, responsAbility and other investors.
The fund provides up to $15 million in growth equity to companies delivering financial services, insurance, healthcare and education to women, low-income households and small businesses in Asia, Latin America and Africa.
Next Billion is looking to raise $250 million.
Next Billion’s first investment is in Qoala, an affordable insurance company in Southeast Asia.
The current funding slowdown and low valuations, alongside rapid digitalization in emerging markets “represents a generational opportunity to deliver outsized financial returns and impact,” said Next Billion’s Ken Toyoda.
