Impact Tech | April 24, 2024

Next Billion raises capital to invest in digital infrastructure and services in Latin America, Asia and Africa

Jessica Pothering
ImpactAlpha Editor

Jessica Pothering

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.