Philanthropic Fund to Provide Aid in Latin America

Backed by the Omidyar Network's recent $10 million contribution, Latin America's first social venture capital fund, IGNIA Fund I has now raised $20.6 million in capital commitments. This first close is only the beginning for the Monterrey, Mexico-based fund, which hopes to raise $50 to $75 million in total."This is a unique group of investors because of their commitment to pioneer solutions to poverty through high growth, profitable and scalable businesses that simultaneously generate wealth for the poor and provide attractive returns to its investors," said lvaro Rodrguez Arregui, IGNIA co-founder and managing partner.Specifically, IGNIA attempts to locate and then aid various Latin American entrepreneurial businesses that seek to positively impact low-income families and or individuals suffering from the effects of poverty. Industries of particular interest for the socially aware fund are health care, housing, and education."The IGNIA Fund hits an Omidyar Network sweet spot: creating economic opportunity by leveraging the energy and creativity of entrepreneurial ventures," said Jim Bunch, director of investments at Omidyar Network. "We expect IGNIA to provide a compelling demonstration effect of the power of entrepreneurship, and we are pleased to join the fund at the start of what we expect to be an exciting and productive journey."