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MIF invests in new Colombian venture capital fund

Sep 17, 2014

The Multilateral Investment Fund (MIF), a member of the Inter-American Development Bank (IDB) Group, has approved an equity investment of $4 million in Promotora Early Growth II, a new venture capital (VC) fund based in Medellin, Colombia and managed by Promotora S.A. The MIF will also provide $270,000 in technical assistance grants to the fund to support evaluation and knowledge-sharing activities.

Promotora Early Growth II was founded to provide “smart capital” – equity investments accompanied by management advice—to a projected 11 to 13 technology companies located in Pacific Alliance countries (Colombia, Peru, Chile, and Mexico). It will target firms that are developing new markets for existing products or that are introducing new products, in the sectors of information and communication technology (ICT), life sciences, applied engineering services, and biotechnology.

The new fund builds on the success of Promotora’s earlier Progresa Capital Fund, which was Colombia’s first VC fund and invested in seven early-stage companies with three exits during its initial investment period. The MIF was also an investor in Progresa Capital.

The MIF has been a key player in building the venture capital industry in Latin America, having been an equity investor in over 65 funds, working to develop regulation in several countries, and providing other supports to strengthen the skills of fund managers and other professionals in the industry. In Colombia, the MIF was among the founders of ColCapital, the Colombian Association of Private Equity Funds.

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

About Promotora 

Promotora is a private equity fund and investment banking manager. It currently has  $65 million under management in venture capital and private equity funds. Through its venture capital fund, it invests in early-stage technology companies that have disruptive innovation and potential  to be globally competitive in the areas of health sciences, biotechnology,  information and communications technology, and applied engineering services; and that  require resources to introduce their products or  services to the market or to consolidate and expand their business models. More information at:
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