Key Takeaways
- • Christine Kenna, Partner at Mexico City-based venture capital firm IGNIA, has worked in Mexico since 2006 and invests in companies serving the region's emerging middle class.
- • IGNIA focuses on companies expanding into Latin America or based there and growing within the region.
- • Kenna cites roughly 70% internet penetration in Latin America as evidence the region is one of the largest global markets for internet users.
- • Kenna argues international investors must be willing to work on the ground with local entrepreneurs to succeed in the region.
- • Kenna says being a woman in LatAm VC can be an advantage, as scarcity of women in the sector helps them stand out and women bring distinct perspectives to investment decisions.
Summary
Christine Kenna, a Partner at IGNIA, a venture capital firm based in Mexico City, discussed her career path and the evolution of Latin America's venture capital industry in Episode 117 of the Crossing Borders podcast hosted by Nathan Lustig, Managing Partner at Magma Partners. Originally from Palo Alto, Kenna began working and investing in Mexico in 2006 after taking a consulting assignment in Mexico City. According to the publisher summary, she had not initially intended to pursue venture capital and was put off by common misconceptions about the industry, but became interested in how high-growth startups could change lives after encountering IGNIA.
IGNIA invests in companies serving the emerging middle class of Latin America, focusing on businesses that either expand into the region or are based there and grow within it. Kenna told the podcast that the opportunity was significant when she arrived in 2006 and is larger today given infrastructure improvements. Citing approximately 70% internet penetration, she said the region is among the largest global markets for internet users, and that international investors are beginning to recognize this. She stressed that investors entering the market must be prepared to operate on the ground and do additional work to help local entrepreneurs build their companies.
The episode also addressed the position of women in the sector. Kenna acknowledged that women entrepreneurs and investors in Latin America often face challenges their male counterparts do not, but argued that the small number of women in VC makes them more visible in boardrooms and that women can contribute differing perspectives that may improve decision-making and returns. Kenna has been active in building Mexico's network of female investors and entrepreneurs through initiatives including Women in Private Equity and Venture Capital in Mexico and Mujeres Invirtiendo. Other organizations and individuals referenced in the episode include Michael Chu, Alvaro Rodriguez Arregui, Omidyar Network, MBA Mujeres de Mexico, and AMEXCAP.
IGNIA invests in companies serving the emerging middle class of Latin America, focusing on businesses that either expand into the region or are based there and grow within it. Kenna told the podcast that the opportunity was significant when she arrived in 2006 and is larger today given infrastructure improvements. Citing approximately 70% internet penetration, she said the region is among the largest global markets for internet users, and that international investors are beginning to recognize this. She stressed that investors entering the market must be prepared to operate on the ground and do additional work to help local entrepreneurs build their companies.
The episode also addressed the position of women in the sector. Kenna acknowledged that women entrepreneurs and investors in Latin America often face challenges their male counterparts do not, but argued that the small number of women in VC makes them more visible in boardrooms and that women can contribute differing perspectives that may improve decision-making and returns. Kenna has been active in building Mexico's network of female investors and entrepreneurs through initiatives including Women in Private Equity and Venture Capital in Mexico and Mujeres Invirtiendo. Other organizations and individuals referenced in the episode include Michael Chu, Alvaro Rodriguez Arregui, Omidyar Network, MBA Mujeres de Mexico, and AMEXCAP.
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