The Costa Rica News (TCRN) – Establishment Labs, a Costa Rican breast implant manufacturer, recently obtained $ 3 million in funding from the private equity fund manager Invermaster.
With the money, the company, located in Alajuela-Coyol, will begin construction of a new 5,000 m2 plant in 2014, which is five times larger than the current one.
According to Luis Gutierrez, manager at Establishment Labs, the idea is for funding to increase to $20 million.
The profile of the firm was its main ally. Founded in 2004, they were already exporting to 30 countries and had growth between 80% and 100%, with expectation to maintain these levels in the coming years.
“We talked to every bank in the country, but there are no resources for companies like ours, who can not put a guarantee equal to or greater than the amount paid,” says Gutierrez.
That’s why the company decided to go to Invermaster, a private venture capital fund. They invest in companies that are not publicly traded and become an equal partner of the firm by maintaining a presence on the board of directors.
In Central America, there are at least 20 funds, according to industry estimates, that currently have $500 million to invest in high-potential businesses: Mesoamerica, Mahogany Capital, Aureos Capital, Caceif and the estates of wealthy Central American families as Uribe (of Costa Rica), Paiz (of Guatemala) and Vallarino (of Panama) are part of the list.
Development institutions like the Norwegian Government Fund for Development (Norfund), the Swedish Government Fund for Development (Obivam) and the Inter-American Development Bank (IDB) also have money available.
According to Invermaster president, Roberto Ponce, interest is focused on logistics companies, health services, education, technology, real estate, retail stores, and consumer products.
The Costa Rica News (TCRN)
San Jose Costa Rica
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