The new fund, which will be managed by Promotora de Proyectos of Medellin and administered by Bancolombia, will focus on the segment of companies that are beyond the start-up stage but not yet ready to attract growth capital or private equity.

Progresa Capital will preferentially support companies with strong profit potential in sectors such as life sciences, biotechnology, information and communication technologies and applied engineering services.

The MIF will also provide a USD 300,000 technical cooperation grant to promote the dissemination of lessons derived from this project, in order to foster the development of a venture capital industry in Colombia.

The new project profited from the MIF’s earlier experiences in promoting venture capital funds in Brazil and from the alliances Promotora de Proyectos made with Spanish agencies active in this field.

“One of our goals is to show that experiences can be transferred from mature markets to emerging ones, helping to create appropriate conditions for seed capital and venture capital to flourish in Colombia,” said MIF project team leader Susana García-Robles.

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