MICROCAPITAL BRIEF: Mexico’s Adobe Capital Raises $21m to Finance Small, Medium-sized Enterprises in Latin America

Adobe Capital, the venture-capital unit of Mexico-based New Ventures, recently raised USD 21 million for its second investment vehicle, Adobe Mezzanine Fund (AMF) II, which is intended to finance small and medium-sized enterprises in Mexico and other regions in Latin America. The sources of the funding have not been identified, but the following organizations invested in the original AMF: Deutsche Investitions-und Entwicklungsgesellschaft (DEG), a German development bank; Proparco, a French development bank; the Inter-American Development Bank Group’s Multilateral Investment Fund; Mexican private equity firm Fund of Funds; and three Mexican family offices, including Auria Capital. Adobe Capital plans to raise an additional USD 19 million for AMF II through subsequent funding rounds.

Based in Mexico City, Adobe Capital offers financing and strategy support to businesses with less than 50 employees and USD 5 million in sales and that seek to “drive social and environmental impact with innovative, profitable and scalable models.” As of 2017, Adobe Capital has completed six investments in sectors such as alternative energy, housing, healthcare and education.

By Ryan Gauthier, Research Associate