Innogen Capital Closes First Fund at US$11 Million to Back Central America Startups

Innogen Capital announced the successful close of its inaugural fund, ICV Delta Fund I, at US$11 million, surpassing its initial target and increasing its final goal to US$15 million, driven by sustained demand from institutional investors and strategic partners interested in Central America.

This milestone signals growing confidence in the entrepreneurial ecosystem of the Northern Triangle and reinforces rising interest in regional innovation.

A Closing That Strengthens the Innovation Ecosystem

For the firm, surpassing the US$10 million mark not only increases its investment capacity, but also expands its ability to support entrepreneurs with high-growth potential.

“Crossing the US$10 million threshold allows us to fulfill a vital promise to our ecosystem: the ability to inject meaningful capital into promising entrepreneurs and turn Central America’s best ideas into regional giants,” said Rodrigo Dumont, Managing Partner and Co-Founder of Innogen Capital.

Institutional Backing Validates the Investment Thesis

One of the fund’s most notable strengths is the quality of its investors. IDB Lab, the innovation laboratory of the Inter-American Development Bank, along with other development finance institutions (DFIs), backed Innogen Capital’s investment thesis focused on digital transformation.

For the firm, this institutional support confirms the Northern Triangle’s potential as a destination for venture capital.

“This institutional validation does not happen by accident. It happens because the thesis is strong, the team is exceptional, and the region is ready to lead the next chapter of Latin American innovation,” said Fernando Moran, Managing Partner at Innogen Capital.

Corporate Champions: Connecting Corporates and Startups

Innogen Capital’s model also includes its Corporate Champions program, through which major regional companies actively participate in developing the entrepreneurial ecosystem.

Companies involved in the initiative include:

• Agrisal, a conglomerate with more than 120 years of history
• Grupo Steiner, a regional logistics leader
• Grupo AG, a multilatino industrial group leading steel production
• ABANK, a financial institution focused on SMEs in El Salvador
• Other business leaders committed to regional technological growth

This structure allows startups to gain early access to customers, infrastructure, and market expertise, while corporations connect with emerging technologies and applied innovation.

“Our Champions model dramatically reduces execution risk by directly connecting startups with leading corporations that validate technology before it reaches the mass market. We do not invest only financial capital—we invest Smart Capital: knowledge, access, and relationships,” said Christian Quinonez, Managing Partner at Innogen Capital.

Strategic Sectors for Regional Growth

With the resources from ICV Delta Fund I, the firm will deepen investments in three key verticals for the Northern Triangle’s economic development:

• Fintech: Expanding access to financial services in historically underserved markets
• Logistics: Modernizing supply chains in one of the continent’s busiest trade corridors
• Proptech: Transforming how people access, buy, and manage real estate

According to the firm, these sectors combine strong demand for innovation, low technology penetration, and significant return potential.

The Northern Triangle Gains Global Relevance

Innogen Capital believes the fund’s growth proves that Central America is ready to compete in the global innovation and venture capital conversation.

El Salvador has shown clear signs of openness toward the digital economy, while Honduras and Guatemala continue advancing their technological development. Added to this are regional talent, expanding markets, and stronger institutional support.

A Bridge Between Global Capital and Local Opportunities

Beyond the size of the fund, Innogen Capital aims to position itself as a bridge between international investors and emerging startups from the heart of Central America.

With this close, the firm strengthens its commitment to a region that was underestimated for years by traditional venture capital markets, but is now beginning to attract greater attention.