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.
IFC—a sister organization of the World Bank
and 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 2019, we invested
more than US$19 billion in private companies and financial institutions
in developing countries, leveraging the power of the private sector to
end extreme poverty and boost shared prosperity. For more information,
About Mountain Nazca
Mountain Nazca is an early stage Venture
Capital firm, headquartered in Mexico City that backs bold entrepreneurs
who seek to build tomorrow’s breakout and technology-enabled businesses.
The firm provides entrepreneurs with multi-stage Venture Capital, a highly
impactful local and global network, robust market intelligence, insights
on strategy formulation and deployment, legal and regulatory advice, high
quality talent sourcing, and access to premium business partnerships. Mountain
Nazca focuses primarily on (Spanish-speaking) Latin American companies
aiming to aggressively penetrate massive markets with technology-enabled
and breakout value propositions.