Soros Leads 3rd Closing for IGNIA, Bringing Fund I to US$40.7 Million

GARZA GARCIA, Nuevo Leon, Mexico, May 11 IGNIA Fund I, L.P. Latin America’s first social venture capital fund, announced today it has reached a total of US$40.7 million in equity commitments by completing its third closing. The round was led with $5 million from Soros Economic Development Fund (SEDF), the global private foundation created by investor and philanthropist George Soros. Other investors include a Swiss institution and a Mexican individual investor group. With this close, IGNIA is on track to reach its equity target of $50 – $75 million and together with its $25 million in debt financing from the Inter-American Development Bank, IGNIA will have a combined total of $75 – $100 million to invest in innovative businesses that serve the Base of the Pyramid (BoP) in Latin America.

“We are particularly pleased to have the support of Soros Economic Development Fund,” said Michael Chu, co-founder and Managing Director of IGNIA. “SEDF´s experience investing in effective solutions to social problems worldwide will bring tremendous value to IGNIA.”

“The Soros Economic Development Fund is committed to fighting poverty by investing in funds like IGNIA that drive economic growth while serving the needs of low-income populations,” said Stewart J. Paperin, president of SEDF and executive vice president of the Open Society Institute. “SEDF’s support will benefit businesses and communities in Mexico and throughout Latin America.”

Since 1997, SEDF has invested in over thirty financial institutions and supported entrepreneurs in nearly 50 countries as part of an effort to alleviate poverty and strengthen communities worldwide. SEDF will have an observer seat on IGNIA´s Investment Committee.

“SEDF represents an ideal partner for IGNIA,” said Alvaro Rodriguez, co-founder and Managing Partner of IGNIA. “In addition to their capital commitment, SEDF will allow us to have a window on some of the most interesting developments in our field outside of our geographical region.”

IGNIA Fund I, LP is a social venture capital fund that invests in high growth businesses that serve the base of the pyramid in Mexico and other regions of Latin America. More information is available at: www.ignia.com.mx

Source: IGNIA