MIF invests in Mexican Venture Fund for Services Innovation
Jun 3, 2014
The Multilateral Investment Fund (MIF), a member of the Inter-American Development Bank (IDB) Group, has approved a $2 million equity investment in Venture Innovation Fund II, a Mexican early stage venture capital fund that will provide long-term financing and value-added guidance on business development for up to 14 start-ups in Mexico.
Venture Innovation Fund II’s strategy will be to target companies in the health care services, financial services, and other technology services (education, e-commerce, etc.) sectors. Target companies will be at an early stage, and the Fund will make initial investments of at least US$ 400K with follow-on investments determined by company performance. The fund will be managed by Venture Partners, LP, founders of the Venture Institute accelerator in Mexico City.
“The Fund’s commitment to financing innovative service technologies is not only expected to stimulate creation of high-skilled jobs, but also to expand access to health and financial services for underserved communities,” said MIF Senior Investment Officer Rogerio Ramos.
The MIF has an extensive track record investing in seed and VC funds throughout the Latin American and Caribbean region, and has pioneered the first efforts to build the industry in Mexico. All this experience will allow the MIF to provide relevant know-how during the Fund’s fundraising and operational stages. The MIF will also add value to the new fund’s managers by facilitating access to a network of practitioners and potential partners, and by promoting the use of international best practices, environmental, and social standards in the fund’s corporate governance.
About the MIF
The Multilateral Investment Fund (MIF), a member of the Inter-American Development Bank (IDB) Group, is funded by 39 donors and supports private sector-led development benefitting low-income populations and the poor - their businesses, their farms, and their households. The aim is to give them the tools to boost their incomes: access to markets and the skills to compete in those markets, access to finance, and access to basic services, including green technology. A core MIF mission is to act as a development laboratory - experimenting, pioneering, and taking risks in order to build and support successful micro and SME business models. More information at www.fomin.org.