México City, México, June 2nd 2022. The International Finance Corporation (IFC), member of The World Bank Group (WBG), announced a US$15 million investment in Nazca III, a venture capital (VC) fund focused on investing in early-stage technology companies seeking to transform Mexican and Latin American industries through tech-enabled business models.
Nazca III will be managed by Nazca, a VC firm founded in 2014 focused on backing Latin American entrepreneurs that are building transformative technology-enabled businesses in sectors like fintech, mobility, education, health and e-commerce.
Jennifer McLeod Petrini, IFC's Regional Lead for Funds and Disruptive Tech investments in Latin America, stated: "IFC continues to expand its reach in Latin America to tech-focused funds investing in companies in exciting verticals, and across various stages of development. Our investment in Nazca III allows us to expand our digital footprint into Mexico and to work with a talented team in what is still a nascent, but rapidly growing ecosystem in Mexico".
Equity financing for technology companies in Latin America and the Caribbean is scarce across the spectrum, from seed/early stage to growth stage companies. Nazca III has reached its target size of US$150 million and will invest in approximately 20 early stage and seed investments that seek to transform Mexican or Latin American industries through tech-enabled business models.
Jaime Zunzunegui, managing partner of Nazca, said: "Nazca is proud to have IFC as a recurring institutional lead investor. IFC´s backing has been a catalyst for our investor base and a source of shared playbooks and industry insights to transform industries across Latin America. We believe they come at the right time to the right region. This consolidates our commitment to deliver good returns to our limited partner base".
IFC supports early-stage ventures in developing countries that are creating new markets, transforming industries, and driving inclusive growth while realizing strong returns. By investing in best-in-class entrepreneurs and partnering with top-tier VC funds, we support the development of the asset class across emerging markets that fosters private sector growth.
About IFC
IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2021, IFC committed a record $31.5 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of the COVID-19 pandemic. For more information, visit www.ifc.org.
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