Economy

IFC provides US$10 million equity investment to Mountain Nazca II

Mexico City, Mexico, July 9th, 2020. The International Finance Corporation (IFC), member of the World Bank Group, announced a US$10 million equity investment in Mountain Nazca II, a venture capital fund focused on investing in early-stage technology companies in Latin América, predominantly in México. The Fund will be managed by Mountain Nazca, a venture capital firm focused on backing Latin American entrepreneurs that are building transformative technology-enabled businesses in sectors like fintech, logistics, mobility, education, health and e-commerce. “In a context of global risk aversion and economic slowdown, this investment in Mountain Nazca II reflects IFC’s efforts to restore confidence and support continued innovation and entrepreneurship in México, alongside a team with a great track-record of success in the sector. The current COVID-19 crisis makes it even more strategically relevant for IFC to focus on tech-enabled firms that can operate and thrive in a social distancing environment” said Ary Naïm, Country Manager of IFC México. Héctor Sepúlveda, Managing Partner of Mountain Nazca, said: “Entrepreneurship will play a critical role in our social and economic recovery. The current COVID-19 negative cycle can only be overturned by highly talented individuals. These entrepreneurs and their teams are leading the transformation of every major industry in our region. They create jobs, outstanding products and services. They also create meritocratic cultures and pave the way for a future generation of leaders.”. “We´re honored to have the IFC as our anchor institutional investor. Their support has not only provided smart capital to the digital transformation in Spanish speaking Latin America, but also raised the bar in our internal standards. We are confident that through their backing, network and knowledge we will be able to deliver good results as well as impacting our local ecosystem with our adherence to the ESG policies. One of the unique aspects of IFC´s structure is the capability to execute direct investments through a co-investment vehicle for companies which they have already met through our fund and can support along their scaling process with full strength”, said Jaime Zunzunegui, Managing Partner of Mountain Nazca. The investment in Mountain Nazca II is part of IFC’s Disruptive Technologies and VC Program, a strategy oriented to build an ecosystem that fosters the growth of tech-enabled companies and identify disruptive technologies that create markets and have the potential to reshape economies.

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