Dealflow | November 6, 2018

Polymath seeks to expand Latin America business building with venture fund

Jessica Pothering
ImpactAlpha Editor

Jessica Pothering

ImpactAlpha, November 5 – Bogotá, Colombia-based Polymath Ventures has been launching and building companies catering to the middle classes in emerging markets since 2012. Now it’s looking to raise a $100 million fund to help high-impact companies in Latin America raise early and growth stage capital.

The planned fund, called The Horizon Fund, will support startups digitizing and improving basic goods and services like transportation, financial services, employment, and health and wellness. Its geographic focus is on companies serving high-density, low-income cities in Latin America.

“The Horizon Fund principally aims to fill the Series A and B funding gap that curbs many promising Latin American ventures and to create a virtuous cycle of impact in the region,” Polymath’s Craig Edelman said in a statement. Last year, Polymath partnered with private equity firm Mesoamerica on a $40 million co-investment fund, which also targeted Series A and B deals.

Since its founding, Polymath has helped launch eight companies in Mexico, Colombia and Peru, and helped them raise $27 million in equity funding. Its portfolio includes taxi administration company Táximo, financial services firm Aflore, and early education provider KIDU.

Polymath is hoping for a first close for the Horizon Fund next June. The company has not yet announced any commitments to the fund.