The Multilateral Investment Fund (MIF), a member of the Inter-American Development Bank Group, recently announced that it will make a USD 4 million equity investment in Vox Capital Impact Investing Fund, a Brazilian venture capital fund targeting small and medium-sized enterprises (SMEs) and start-ups that serve the low-income population, also referred to as the base of the pyramid (BoP). Operated by Vox Capital, a Brazil-based firm, the fund aims to provide long-term financing and advisory services to approximately 10 SMEs and 12 start-up companies addressing the restricted access of BoP populations to education, health, financial services and housing. To qualify for funding, the Brazilian SMEs need to have profitable business models and annual revenues ranging between USD 500,000 and USD 7.5 million at the time of investment.
MIF intends to provide knowledge, promote the use of international best practices and facilitate access to practitioners and potential partners. Since its inception in 1993, MIF reports having approved 1,600 projects in 19 countries, disbursing approximately USD 100 million per year in grants, equity and loans. There is no further information available on Vox Capital and its fund.
By Mihaela Grindeanu, Research Associate
About Multilateral Investment Fund (MIF): Multilateral Investment Fund (MIF) is an autonomous fund that was founded in 1993 by the US-based Inter-American Development Bank (IDB). Now a member of the IDB Group, MIF has 39 donating member countries from the Americas, Europe and Asia. Since its inception, MIF reports having approved 1,600 projects in 19 countries, disbursing approximately USD 100 million per year in grants, equity and loans.
Sources and Additional Resources:
Information provided by MIF to MicroCapital
MicroCapital story, September 27, 2012: “MICROCAPITAL BRIEF: Multilateral Investment Fund, Global Partnerships to Establish $1m Health Project in Ecuador, Haiti, Honduras, Nicaragua”, https://www.microcapital.org/microcapital-brief-multilateral-investment-fund-global-partnerships-to-establish-1m-health-project-in-ecuador-haiti-honduras-nicaragua/
MicroCapital story, September 19, 2012: “MICROFINANCE EVENT: Multilateral Investment Fund (MIF) to Host 15th Annual Inter-American MicroEnterprise Forum (Foromic), Bridgetown, Barbados, October 1-3, 2012”, https://www.microcapital.org/microfinance-event-multilateral-investment-fund-mif-to-host-15-th-annual-inter-american-microenterprise-forum-foromic-bridgetown-barbados-october-1-3-2012/
MicroCapital story, July 3, 2012: “MICROCAPITAL BRIEF: Central Bank of Brazil Launches Financial Inclusion Action Plan”, https://www.microcapital.org/microcapital-brief-central-bank-of-brazil-launches-financial-inclusion-action-plan/
MicroCapital Universe Profile: Multilateral Investment Fund (MIF), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Multilateral+Investment+Fund+%28MIF%29
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