IGNIA leads investment of MXN$ 104.4 million in Procesa Chiapas
MEXICO CITY, Jan. 29, 2013 /PRNewswire/ -- IGNIA Fund I, the largest impact investing Fund in Latin America, announced today the joint investment with Endeavor Catalyst of $104.4 million pesos in Procesamiento Especializado de Alimentos ("Procesa Chiapas").
Procesa Chiapas has developed products with high nutritional value for different markets, including low-income children who are served through government food assistance programs.
Among its brands is "Marina Azul ®", Mexico's first tuna offered in a pouch, which allows for a higher quality product with the convenience of a single-serving, easy-to-open and consume product. Marina Azul ®" has been distributed in supermarkets and convenience stores nationwide since 2006. The Company also markets products fortified with essential vitamins and minerals for specific population segments suffering from nutritional deficiencies.
IGNIA Fund I and Endeavor Catalyst invested in Procesa Chiapas to enhance its business expansion, new product development, management team and reinforce its productive capacity.
"This investment represents a major milestone in the life of our company, as it validates a business model with high social impact for Mexico and allows us to strengthen our financial, operational and business structure. With this investment, we will achieve the ambitious goals jointly set with IGNIA and Endeavor, where nutrition is the factor of utmost importance," stated Mauricio Pariente, the company's CEO. Procesa Chiapas is preparing an additional funding round.
IGNIA's team has worked side by side with Procesa Chiapas for the last 5 months, developing the company's future business plan and investment strategy. "IGNIA's vision is to help build a more equitable Mexico. Achieving high quality nutrition and a balanced diet that is affordable and accessible for all levels of society is part of our solution. That is why we are investing in Procesa Chiapas, a company with innovative and agile entrepreneurs with a social conscience, "said Leon Kraig, Partner and Managing Director of IGNIA.
"Procesa Chiapas is the first investment of Endeavor Catalyst in Mexico," said Linda Rottenberg, co-founder of Endeavor. "This is an example of high-impact entrepreneurs whose vision and innovation are helping Mexico", she added. Pilar Aguilar of Endeavor Mexico added: "At Endeavor we have seen Procesa Chiapas transform itself from a micro business with a local model, to a large company with a national footprint. Endeavor is proud to support entrepreneurs whose vision, work and commitment towards Mexico can transform an industry and improve the quality of life of millions of Mexicans". Endeavor Catalyst has invested in Procesa Chiapas as part of its mandate to co-invest in the professional funding rounds of all Endeavor Entrepreneurs. Procesa Chiapas was chosen an Endeavor Entrepreneur in 2007.
Procesa Chiapas is a company focused on nutrition through the production and commercialization of high quality products that benefit all sectors of the population, especially those most vulnerable by their socio-economic, geographical and cultural conditions. For more information please visit: http://www.marina-azul.com/
IGNIA Fund I, LP is an impact investing venture capital firm based in Monterrey, Mexico that supports the founding and expansion of high growth social enterprises that serve the base of the socio-economic pyramid in Mexico. By providing effective responses to the enormously underserved needs of low income populations in high-impact activities, IGNIA empowers entrepreneurship and generates social impact while creating attractive financial returns for its investors.
Endeavor has been hailed by New York Times columnist Thomas Friedman as "the best anti-poverty program of all." Endeavor is a leading global movement that catalyzes long-term economic growth by selecting, mentoring, and accelerating the best high-impact entrepreneurs around the world. To date, Endeavor has screened more than 30,000 entrepreneurs and selected 766 individuals leading 476 high-impact companies. For additional information, please visit www.endeavor.org
Endeavor Catalyst is an innovative, passive investment pool that uses donated capital to co-invest in Endeavor Entrepreneur funding rounds in a neutral, rules-based process. The main goal of this program is to harness the value creation of entrepreneurs to produce investment returns that support Endeavor Global's operations with proceeds that are reinvested in future Endeavor Entrepreneurs' venture rounds.
SOURCE IGNIA Fund I, LP