Innogen Capital backs Northern Triangle startups with a US$11 million fund

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

This milestone signals confidence in the Northern Triangle’s entrepreneurial ecosystem and reinforces interest in regional innovation.

A fund close that strengthens the innovation ecosystem

For the firm, surpassing the US$10 million mark not only means greater investment capacity, but also the ability to back entrepreneurs with high growth potential.

“Surpassing US$10 million allows us to fulfill a vital promise to our ecosystem: the ability to inject significant investment 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 for the investment thesis

One of the fund’s most notable features is the caliber of its investors. IDB Lab, the innovation lab of the Inter-American Development Bank, together with other multilateral 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 doesn’t happen by chance. It happens because the thesis is solid, 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: partnerships between corporations and startups

The model of Innogen Capital also includes its Corporate Champions program, through which major companies in the region actively participate in developing the entrepreneurial ecosystem.

Companies participating in this initiative include:

• Agrisal, a conglomerate with more than 120 years of experience.
• Grupo Steiner, a leader in regional logistics.
• Grupo AG, a leading multinational Latin American industrial group in steel production.
• ABANK, a financial institution focused on the SME segment in El Salvador.
• Other business leaders committed to regional technological growth.

This approach gives startups access to customers, infrastructure, and market knowledge from an early stage, while corporations gain exposure to new technologies and applied innovation.

“Our Champions model dramatically reduces execution risk by directly connecting startups with leading corporations that validate the technology before it reaches the mass market. We invest in more than just financial capital—we invest Smart Capital: knowledge, access, and relationships,” said Christian Quinonez, managing partner at Innogen Capital.

Strategic sectors for regional growth

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

• Fintech: expand access to financial services in historically underserved markets.
• Logistics: modernize supply chains in one of the continent’s busiest trade regions.
• Proptech: transform how people access, buy, and manage real estate.

According to the firm, these sectors have a high need for innovation, low technology penetration, and significant return opportunities.

The Northern Triangle takes center stage globally

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

El Salvador has shown clear signs of opening up to the digital economy, while Honduras and Guatemala are advancing their technological development. The region also has talent, expanding markets, and stronger institutional backing.

A bridge between global capital and local opportunities

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

With this closing, the firm is strengthening its commitment to a region that traditional venture capital markets underestimated for years, but which is now beginning to attract greater attention.

‍