Mexican VC Closes Fund

Venture capital firm Alta Ventures Mexico has closed its first fund, the $70m Alta Ventures Mexico Fund 1, it says. Alta is looking to invest in early-stage IT, telecom, education, health and energy companies. The IFC structured and invested in the fund, along with Mexican government-backed Fundo de Fundos and the IDB’s Multilateral Investment Fund (MIF). The investment comes from 29 family offices in Mexico, and other investors included US investment firm 500 Startups, the Guadalajara Angel Investment Network and two US family offices. “This highly educated generation of Mexican entrepreneurs is poised to transform the country. Alta’s goal is to democratize early-stage capital and help the entrepreneurs capitalize on massive growth opportunities in Mexico,” says Alta founder Rogelio de Los Santos.