# Next Billion Ventures

Next Billion Ventures is a Venture Capital based in Washington, United States.

## Overview

- **Organization type:** Venture Capital
- **Headquarters:** Washington, United States
- **Region:** North America
- **Address:** Washington, United States
- **Founded:** 2019
- **Assets under management:** Undisclosed
- **Website:** www.nextbillion.capital
- **LinkedIn:** https://www.linkedin.com/company/next-billion-capital-partners

## Regulatory record

- **Reports private funds:** No

## About

Next Billion Capital Partners is a private equity firm investing in transformative growth across global emerging markets, with a focus on sectors where mobile-first models are reshaping industries. It backs growth-stage companies in financial services, insurance, and healthcare, providing growth capital and strategic guidance. The firm is led by former IFC professionals and focuses on category leaders across Southeast Asia, Latin America, and Africa.

## Sectors

- FinTech
- InsurTech
- Healthcare Services
- Enterprise Software

## People

- Ruzgar Barisik — Managing Partner
- Kentaro Toyoda — Managing Partner
- Falgu Shah — Partner
- Volodymyr Tsapko — Partner
- Tracy Barba — Head of Investor Relations
- Eduard Melli — Vice President

## Questions

### Who runs investment decisions at Next Billion Ventures?

Managing Partners Ruzgar Barisik and Kentaro Toyoda lead the investment committee, supported by Partners Falgu Shah and Volodymyr Tsapko. The group worked together at the IFC for over a decade before forming Next Billion, and the firm's website notes that Barisik personally led more than $2 billion in IFC transactions across Asia and Africa.

### How does Next Billion source proprietary deal flow?

Sourcing relies on the team's long operating history inside the IFC, which built direct relationships with entrepreneurs and regulators across the firm's target regions. A venture-partner network that includes country-level operators in Brazil, Nigeria, and the Middle East extends that reach, aiming to surface growth-stage companies before they run broad auction processes.

### Does Next Billion participate in fund commitments or only direct deals?

The firm's disclosed activity emphasizes direct growth equity investments. Public materials do not reference a fund-of-funds program or LP commitments to external managers; the model centers on taking direct stakes in operating companies.

### What investment stages does Next Billion target?

Next Billion focuses on growth-stage companies — businesses with proven traction, existing revenue, and a clear path to scale. It does not invest in seed or pre-revenue startups. The firm's own language describes its targets as 'proven, tech-driven businesses.'

### Which sectors does Next Billion explicitly avoid?

Public materials do not list an explicit exclusion list, but the stated focus is narrow: financial services, insurance, and healthcare delivered through mobile-first models. Sectors outside the digital- access thesis — such as heavy industry or infrastructure — do not appear in portfolio disclosures.

## Related profiles

- [Next Big Ventures](https://altss.com/profile/next-big-ventures)
- [NEXTBLUE](https://altss.com/profile/nextblue)

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Last updated: 2026-08-11T15:07:34.613Z

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