Nazca III (IFC-46196)

Countries
  • Mexico
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
Approved
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."
Voting Date
Jan 26, 2022
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
NAZCA III, LP
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Fund
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 15.00 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.
Other Related Projects
Primary Source

Original disclosure @ IFC website

Updated in EWS May 10, 2022

Disclosed by Bank Nov 29, 2021

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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 investment is an equity investment of up to $15M in Nazca Fund III, (“Fund III”), an Ontario-domiciled VC fund focused on investing in early-stage technology companies in Spanish Latin America (“LAC”), predominantly Mexico.                                                  

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.

1. Increased access to early and expansion stage equity for technology companies in Mexico. Access to VC in Mexico remains low compared to the size of its economy. Within this context, Nazca will provide access to capital across an investee’s lifecycle through its fund.
2. Increased competitiveness of Mexico's VC market. Mexico's VC ecosystem remains under-developed and the success of the Fund will prove the viability of this sector and help catalyze new local Fund Managers.
3. Increased competitiveness of key markets through the support of market-disrupting digital business models: VC funds such as Nazca invest in companies that often introduce a disruptive digital business model in a market. These innovative businesses can put pressure on incumbents to compete on prices and service quality. They can also strengthen supply chains by reducing the role of brokers and intermediaries, which improves price transparency and efficiency.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

IFC proposed investment in this project is up to $15M for Fund III, not to exceed 20% of the aggregate commitments of the fund. In addition, a $15M total co-investment envelope will be proposed to meet opportunities in a timely manner

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Nazca III Client -

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.

Nazca Fund III
Hector Sepúlveda'
Partner

hector@nazca.vc

Nazca.vc

 

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

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

How it works

How it works