# Next Billion Capital Partners: portfolio, investments and team > Next Billion Capital Partners is a growth equity based in United States. 2 investments on record, 1 in the last 12 months, latest Dec 2025. Source: https://millionrounds.com/fund/next-billion-capital-partners (Millionrounds; every figure on the page links to its filing or article) United States · [Investor](https://millionrounds.com/investors) # Next Billion Capital Partners Last cheque observed Dec 2025; 2 cheques on record. Email Growth equity Deploying now Series A Growth Healthcare Insurance Technology Follow Next Billion Capital Partners and see its new cheques in your feed. [Start following](https://millionrounds.com/login?join=1&why=follow&next=%2Ffund%2Fnext-billion-capital-partners) Deploying now **100%** of best year **1** **cheques in 12 months**, 2 on record Since the last cheque **338** days **00** hrs **00** min **00** sec Median round **$20M** Rounds led **0 of 2** Pitch Next Billion Capital Partners ## Next Billion Capital Partners highlights - 01 1 cheques in the last 12 months - 02 Mostly Series A and Series B: 100% of its rounds ## What they do > Growth equity for proven, tech-driven businesses in emerging markets From their own website - **Type:** Growth equity - **Cheque size:** Not stated - **Stages:** Series A Growth - **Sectors:** Healthcare Insurance Technology - **Based in:** Washington, United States - **Cold pitches:** Not stated ## The record Every round we can evidence, newest first **2 appearances** - **2025** 1 round - **Dec** **[BHub](https://millionrounds.com/company/bhub)** Series A · BR · LatamList **$10M** With 8 others - **2024** 1 round - **Nov** **[Minu](https://millionrounds.com/company/minu)** Series B · MX · LatamList **$30M** With 15 others An announcement gives the size of the round, not the size of this investor's cheque: the only rounds that imply a cheque are those where they were the sole named investor. ## The team Named by the firm itself, on a filing, its Form ADV or its company registration **2 named** KT **Kentaro Toyoda** Managing Member i Form ADV RB **Ruzgar Barisik** Managing Member i Form ADV We also hold **9** people at this firm from the lists this database was built from: a weaker source than the filings, since a list does not say when a title ended. Login to see them. ## What the register says From the firm's own filings with the SEC, which it must file accurately by law **$25M** gross assets of its funds Oct 2026 **Exempt** reporting adviser venture or small private funds - **Legal name:** NEXT Billion Capital Partners LLC - **SEC number:** CRD 329912 ## What they claim to have backed From their own portfolio page (on their website) **11** of 20 we have independently watched raise [Advance](https://millionrounds.com/company/advance)[Alice](https://millionrounds.com/company/alice)[Clivi](https://millionrounds.com/company/clivi)[Creditas](https://millionrounds.com/company/creditas)[Facio](https://millionrounds.com/company/facio)[Loggi](https://millionrounds.com/company/loggi)[Minu](https://millionrounds.com/company/minu)[Qoala](https://millionrounds.com/company/qoala)[Recargapay](https://millionrounds.com/company/recargapay)[Reddoorz](https://millionrounds.com/company/reddoorz)[Sprout](https://millionrounds.com/company/sprout) Abhi Bazaartech Blueboxinteractive Fawry Gajigesa Hepsiburada Kredivocorp Souq Trella Weaker than a round we watched, stronger than a list somebody sold us. A firm is far less willing to put a company on its own site that it never funded. ## The cheque Series A Growth Median round joined **$20M** the round, not its cheque Led 0 of 2 rounds **0%** - **Sole investor:** Never alone - **Last cheque:** Dec 2025 Rounds by stage said on their site - Series A said *1* - Series B *1* - Growth said *-* Cheques by month Led Joined Dec 2023 Nov 2026 Often in the room with - [QED Investors](https://millionrounds.com/fund/qed-investors) 2 **Pitching Next Billion Capital Partners?** Put them on your fundraising board with this record on the card, and follow them to hear when they write a new cheque. Add to your CRM *→* ## Who they invest alongside The investors most often in the same rounds as Next Billion Capital Partners. A count of rooms they were both in, not a relationship either has claimed. [**QED Investors** VC firm **2** rounds together](https://millionrounds.com/fund/qed-investors) ## Recently backed The latest companies Next Billion Capital Partners put money into. [**BHub** $10M · Dec 2025](https://millionrounds.com/company/bhub) ## Quick answers about Next Billion Capital Partners ### What does Next Billion Capital Partners invest in? Next Billion Capital Partners invests most often at Series A and Series B (100% of the rounds on record), in sectors such as Healthcare, Insurance and Technology. ### How active is Next Billion Capital Partners? 2 investments on record, 1 of them in the last 12 months. The most recent was in Dec 2025. ### What has Next Billion Capital Partners invested in recently? Its most recent investments on record: BHub (Series A, Dec 2025) and Minu (Series B, Nov 2024). ### How big are Next Billion Capital Partners's cheques? The median round it joins is $20M. ### Is Next Billion Capital Partners investing now? Yes: it is actively investing, with 1 investments in the last 12 months. ### Who does Next Billion Capital Partners invest alongside? Most often QED Investors (2 rounds together). ### What kind of investor is Next Billion Capital Partners? Next Billion Capital Partners is a growth equity firm based in Washington, United States. ### How much does Next Billion Capital Partners manage? About $25M, as gross assets of its private funds (Oct 2026). ## Raising now? Find the investors who back rounds like yours, and keep every conversation on one fundraising board. Find similar investorsOpen your CRM Built from the rounds we watched, its filings and its own website, refreshed every night. [How we count](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections?slug=next-billion-capital-partners) · [Is this your firm? Claim it](https://millionrounds.com/claim?org=next-billion-capital-partners)