(IGNIA) November 8, 2011– IGNIA Fund I, LP, the first impact investing fund in Latin America, announced that it has invested MXN$44.0 million (US$3.3 million) in Comunidades que Renacen S.A.P.I. de C.V. (“Provive”), an innovative business that acquires, refurbishes, and sells foreclosed homes in low-income housing developments while working with communities to reestablish active neighbor participation in its revitalization process.
“Provive’s work with communities successfully addresses the degradation that many housing developments are suffering, caused by home abandonment and foreclosed homes” said Alvaro Rodríguez Arregui, co-founder and Managing Partner of IGNIA. “With an innovative approach, Provive works with credit providers, developers, NGOs and local authorities to identify, acquire, refurbish, and bring houses back to market, improving infrastructure and public spaces, and the quality of life for people in low income sectors” he added.
Living in a safe and adequate environment is a basic human need. Through its revitalization process, Provive provides an environment and fosters the creation of strong and cohesive communities. This protects the value of what frequently is a person’s only investment -their house- and enables families to flourish in their own communities.
Funding from IGNIA will enable Provive’s expansion in Baja California and support its national roll out. “IGNIA’s investment will transform Provive and enable us to reach new heights. IGNIA’s most important contribution to Provive is its team. We are confident that their vision and experience will be an asset to Provive going forward”, stated Provive´s CEO, Jose Antonio Díaz Martínez. Founded in 2008, Provive brings together an experienced multidisciplinary team led by Mr. Díaz.
“Provive’s mission is to help neighborhoods come back to life. At IGNIA we are looking forward to supporting Provive on this important mission” said Michael Chu, co-founder and Managing Director of IGNIA.
IGNIA Fund I, LP is an impact investing venture capital fund that invests in high growth businesses that serve the base of the pyramid in Mexico and other regions of Latin America. By providing effective responses to the enormously underserved needs of the low income population, IGNIA empowers entrepreneurship and generates social impact while creating attractive financial returns for its investors. For additional information, visit www.ignia.com.mx
Provive -Comunidades Que Renacen, is a company that helps rebuild communities by acquiring, refurbishing, and selling foreclosed houses in low income housing developments while fostering active community involvement. It is headquartered in Tijuana, Mexico. For additional information, please visit www.provive.mx