Fund Invests USD 8.2 Million In “Procesa Chiapas†Tuna Pouchesff
31 January 2013
Mexico
IGNIA Fund I, the largest impact investing Fund in Latin America, announced the joint investment with Endeavor Catalyst of MXN$ 104.4 million (USD 8.2 million) in Procesamiento Especializado de Alimentos (“Procesa Chiapasâ€).
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 ®â€, 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 Mexicoâ€, 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.â€
