Certo S.A. (IFC-38523)

Regions
  • Latin America and Caribbean
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
FI
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Borrower
NXTP Ventures Fund
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 30.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS May 15, 2024

Disclosed by Bank Jul 13, 2016

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

The proposed project entails equity investments in two complementary vehicles. (i) Certo S.A. (“NXTP Labs”), a $38.5 million accelerator and early stage seed fund seeking to support 300 high growth technology startups from across Latin America. (ii) NXTP Fund 2, L.P. (“NXTP 2”), a $120 million early stage venture capital fund that will make venture investments in high growth technology companies across Latin America. A Summary of Investment Information for this project, alongside a second project with the same client, was disclosed together on July 13, 2016.

People Affected By This Project
People Affected By This Project refers to the communities of people likely to be affected positively or negatively by a project.

(i) Address funding gap for seed and early stage investments: Through NXTP Labs, NXTP targets supporting approximately 300 startups. (ii) Job creation: NXTP expects its graduated companies to create a significant number of high quality new jobs directly. (iii) Support local entrepreneurship: Through its NXTP Labs accelerator process and various external events, NXTP will help support entrepreneurs directly and the innovation ecosystem across Latin America.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

According to the IFC, both funds are sponsored by Nibeluz S.A (“NXTP”), a leading accelerator and early stage venture capital fund manager based in Buenos Aires, Argentina and with satellite offices in Uruguay, Brazil, Chile, Colombia, Mexico and the U.S. NXTP was founded in 2011 by Ariel Arrieta,Gonzalo Costa, Marta Cruz and Francisco Coronel (the “Founders”). NXTP Labs is a leading accelerator and early stage fund targeting high growth technology companies based in Latin America


Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

For Inquiries About the Project, Contact
Francisco Coronel
NXTP Labs
Malabia 1720 piso 1
Ciudad Autónoma de Buenos Aires
Buenos Aires 1425 Argentina
mailto:francisco.coronel@nxtplabs.com

For Inquiries and Comments About IFC, Contact
General IFC Inquiries
IFC Corporate Relations
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384
E Mail: Webmaster

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/

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How it works