IGNIA Fund Invests MX$38.1 million in Barafon, a BoP Public Telecommunications Provider
Wednesday, October 13, 2010
MONTERREY, Mexico, Oct. 13 /PRNewswire/ — IGNIA Fund I, LP, the first impact investing fund in Latin America, announced today that it has invested MX$38.1 million (US$3.1 million) in Servicios Caseteros S.A.P.I. de C.V. (“Barafon”), a provider of public telephony and related services to low income populations in Mexico through a network of independently owned micro-businesses.
“Barafon caters to the population at the base of the socioeconomic pyramid (BoP) which, in many cases, is unable to afford even prepaid mobile services,” said Alvaro Rodriguez Arregui, co-founder and Managing Partner of IGNIA. “The Company differentiates itself by placing its booths within small, independently owned convenience stores at more affordable rates, and which provide greater security, privacy and comfort to the customer, than traditional options on the street. Barafon’s network of micro-businesses further positions the Company as a critical link between the BoP and the greater economy.”