Next Billion Digital Growth I

Impact Goal: Scale fintech, health, and commerce solutions to empower underserved households, women, and MSMEs Description: Next Billion Digital Growth Fund focuses on high-growth tech companies in emerging markets, primarily in Fintech, Digital Commerce, and Digital Health. The fund aims to drive digital and financial inclusion for underserved households, women, and MSMEs. With a $250 million target size, it invests $10–20 million per company in growth-stage rounds. Approximately 90% of the fund will be deployed in the core strategy of growth-stage investments in 15 companies. At entry, the fund will invest an average ticket size of USD 10 million, targeting ownership of 5–10%. Key regions include Southeast Asia, the Middle East, Africa, and Latin America, with an emphasis on both strong financial returns and impactful digital inclusion. The fund had its first close in March 2024 and has secured commitments from private sector investors, with additional private and public investors (such as DFIs) expected to participate in future closings.