The impact of early stage equity funds in Latin America

This report, commissioned by the Multilateral Investment Fund (MIF), a member of the Inter-American Development Bank (IDB) Group, examined the direct and indirect social impacts of three early stage investment funds: Vox Impact Investing Fund I, a Brazilian impact investment fund headquartered in São Paulo; Progresa, a classic VC fund located in Medellín, Colombia and focused on healthcare and technology companies; and NXTP Labs, a LatAm regional seed fund managed by an investment firm that runs an accelerator modeled on Silicon Valley’s Y Combinator. Through a deep examination of the history and strategies of each fund, as well as detailed analysis of the investments in their portfolios, we found that the funds were effective in supporting the region’s economic development and contributed to improving the VC ecosystems in which the funds operated.