The round was led by the International Finance Corporation (IFC) with a US$10m commitment and Corporacion Mexicana de Inversiones de Capital (Fondo de Fondos) with a US$7.5m commitment, and included other private investors.
Both the IFC, the private sector arm of the World Bank, and Fondo de Fondos, a fund of funds supported by the Mexican Government in its mission to promote the development of the country’s venture industry, have mandates to foster sustainable economic growth by supporting private sector development, particularly within small and medium enterprises, and mobilizing private capital through the backing of highly experienced investors.
IGNIA expects to achieve its goal of $75m in equity commitments within the coming months.
Together with its $25m in debt financing from the Inter-American Development Bank, IGNIA will have a combined total of $90 to $100m to invest in innovative businesses in Latin America. Representative current investments include Primedic, Pro-Organico, IGNIA Bienes Raices and MexVi.