Ignia VC Fund Gets Close to $100m

Mexico’s Ignia Fund I has raised almost $100m for local venture capital, says cofounder and managing partner Alvaro Rodriguez. Among investors chipping in are the IFC, which is investing $10.0m, the Corporacion Mexicana de Inversiones de Capital, which is investing $7.5m and the IDB, which provided $25.0m in debt financing. Soros Economic Development and CAF also participated, says Rodriguez. The fund invests an average of $2.0-$5.0m in businesses catering to the low-income sector. The Ignia vehicle, which Rodriguez says has already invested about $20m in Mexico, focuses on construction, real estate, health, telecoms and agriculture. It plans to hold investments for about 7-8 years and provide investors an IRR of about 25%, he adds. Ignia’s portfolio includes companies like healthcare services provider Primedic, real estate company Ignia Bienes Raices, organic produce grower and exporter Pro-Organico, and construction materials company MexVi.