Bogotá-based ALIVE Ventures has closed its second impact fund at $55 million, drawing commitments from a mix of development finance institutions, foundations, and regional lenders.
Proparco, FMO, Impact Fund Denmark, the Dutch Good Growth Fund, which is managed by PwC and Triple Jump, and the MacArthur Foundation invested alongside regional investors Bancoldex, Cofide, Mexico’s Fondo de Fondos and Sonen Capital. Foundations Fundación Bancolombia and Fundación Women’s World Banking Colombia also participated in the round. ALIVE, formerly Acumen LatAm Capital Partners, was established as the Latin American arm of impact investor Acumen.
It now operates as an independent firm with no legal ties to its former parent, backing companies with climate-smart and inclusive solutions that lift up low-income communities across the Andean region of South America. Acumen also invested in the round.
Regional firsts
The fundraise marks the first Latin American venture investment for both Proparco, the private-sector financing arm of France’s development agency, and Impact Fund Denmark, Denmark’s state-owned development finance institution.
“We were capable of showing them that it is possible to deploy a [Latin America] strategy where you can have deep social impact, as well as investing in scalable businesses with strong track record and very good financial perspectives in terms of return to investors.” ALIVE’s Santiago Alvarez tells ImpactAlpha. ALIVE’s debut fund closed at $28 million in 2020, targeting clean energy, education, and agribusiness.
Its portfolio includes Solfium, a solar energy provider to small businesses in Mexico; AgriCapital, which extends affordable credit to Colombian smallholder farmers for equipment purchases; and Creditú, a mortgage lender targeting first-time homebuyers across Latin America.
The fund also promoted Maria Pia Morante from Investment Director to Partner. Morante was ALIVE’s first hire nearly nine years ago when the firm launched. “She’s been just instrumental in what we’ve achieved so far,” said Alvarez.
