MONTERREY, Mexico, Sept. 3 IGNIA Fund I, LP announcedtoday that it has committed US$3.0 million to Primedic SAPI de CV as co-leadin a US$6.0 million first round of financing for the Company. Primedic,formerly known as Transparencia Medica, is a leading provider of healthcareservices in Monterrey, currently operating three clinics and one radiologicalimaging facility. This funding will enable Primedic to rapidly expandoperations to other cities in Mexico and to attain national coverage.
Primedic provides access to unlimited primary health care and selectedmedical technology services and specialists through an innovative membershipprogram which is affordable to urban individuals and families who earn lessthan US$3,500 per person per year, the base of the socio-economic pyramid(BoP). "With this investment, IGNIA seeks to provide a cost-effective andquality solution to help bridge the wide gap faced by the majority of Mexicansas they deal with the inefficiencies of public health services, and the highcost of private healthcare," said Alvaro Rodriguez Arregui, co-founder andManaging Partner of IGNIA. "By bringing the right partners to the rightcompany, we will enable Primedic to help transform the lives of millions ofMexicans."
Primedic was founded in 2000 by Dr. Paulino Decanini, an internationallyrecognized doctor who has been a pioneer in public health and a practicingsurgeon for over 15 years. Dr. Decanini, who will continue to guide thevision of Primedic as Chief Medical Officer, was recently named by the globalorganization Endeavor as one of its prestigious Endeavor Entrepreneurs for hisvisionary initiative in establishing the company.
"IGNIA understands the needs of the low income population and how torapidly scale businesses in this market," said Dr. Decanini. "I was approachedby most of the top private equity funds operating in Mexico, and I chose IGNIAbecause of their hands on approach, deep knowledge of the BoP, and commitmentto building the company over for long term."
Tango, a US-based private investment company, is investing the remainingUS$3 million of equity capital. Tango is currently one of the largestshareholders of Waldo's, a Mexican retailer with over 300 stores. "We aredelighted at this opportunity to partner with IGNIA to bring our experience inconsumer retail business in Mexico to healthcare," said Scott Beck, TangoChief Executive Officer. "It reinforces our commitment to a country we deeplybelieve in." Beck has over 25 years of multi-unit retail experience and haspreviously managed and operated Blockbuster Entertainment CorporationWorldwide, Boston Chicken, Inc., and Einstein/Noah Bagel Corp in the UnitedStates.
IGNIA and Tango recently recruited Fernando Garcia Rochin, former ChiefFinancial Officer of Waldo's, to serve as Primedic's Chief Operating Officerand Chief Marketing Officer. "Primedic has tremendous potential to scalerapidly and become a premier national company. I am excited to bring myexperience in administration, operations, information systems andteam-building to an enterprise that will contribute to changing the future forMexican families," commented Garcia.
Michael Chu, co-founder and Managing Director of IGNIA, added, "Primedicillustrates why our fund exists: to use the commercial market to attack thesignificant inadequacies, such as in healthcare, which prevent the majority ofLatin Americans to realize their human potential."
Primedic is IGNIA's first investment, and its first in health services.
IGNIA Fund I, LP is a social venture capital fund that invests in highgrowth businesses in Mexico and other regions of Latin America. By providingeffective responses to the enormously underserved needs of the low-incomepopulation, both as consumers as well as active participants in productivevalue chains, IGNIA empowers entrepreneurship and generates social impactwh