Treasury and Economy Ministries Relaunch Fund of Funds to Channel Capital to Mexican Tech Companies
The new call aims to connect startups and technology companies with public-private capital to speed up their scaling in strategic sectors.
The federal government unveiled the call for proposals under the Citizen Projects Program, within the Impulsora de Innovación México platform, seeking to bring Mexican technology-based companies—at the validation or scaling stage—closer to funding sources and capital by relaunching the Fund of Funds, a vehicle that combines public and private resources.
According to what was presented, the Fund of Funds is being reactivated after a 4 billion pesos capital injection by Nafin-Bancomext. The official expectation is that the mechanism will “multiply” every peso invested by between five and 19 times, by mobilizing private co-investment toward projects with high value-added potential. The initiative comes as Mexico competes to attract technology-intensive investment while facing a structural constraint: limited access to venture capital and financing for early and growth stages.
The call lays out an institutional process with legal and regulatory compliance screening, evaluation by a specialized committee, and then analysis and due diligence to reach an investment decision under market terms. In practice, the design aims to reduce information asymmetry between entrepreneurs and investors and raise selection standards—key to catalyzing co-investment and preventing public financing from crowding out private capital.
Priority sectors include artificial intelligence and advanced data; semiconductors and advanced electronics; clean energy and storage; health and biotechnology; water, food, and agri-innovation; advanced manufacturing and robotics; security technologies; smart mobility and transportation; telecommunications and connectivity; as well as cybersecurity and critical systems. The call will be open from February 25 to April 30, 2026.
In the presentation, Economy Minister Marcelo Ebrard said the instruction is to address the capital “bottleneck” for innovative companies that already have proven developments but need financing to reach the market, expand capacity, or compete internationally at scale. For its part, the Treasury Ministry stressed that the underlying goal is to raise the national value added embedded in exports—a sensitive point in Mexico’s economic debate over how to turn the country’s role in manufacturing and assembly into greater “local content” and, with it, higher potential growth.
Domestic content, nearshoring, and the race to move up the value chain
Support for tech companies intersects with the regional integration agenda Mexico has leveraged through nearshoring, particularly along the northern manufacturing corridor and the Bajío. Even with export momentum, a significant share of the value of goods crossing the border incorporates imported inputs; that’s why boosting domestic content means developing more sophisticated supplier networks, local engineering, and intellectual property, along with strengthening capabilities in electronics, automation, data, and industrial control. In that context, a Fund of Funds can serve as a “bridge” between applied research, entrepreneurship, and supply chains—provided it can be aligned with industrial procurement, certifications, specialized talent, and a regulatory environment that encourages long-term investment.
From a macroeconomic standpoint, the announcement comes as the economy tries to sustain growth amid still-restrictive financial conditions and private investment that, while resilient in some sectors, remains cautious due to global uncertainty and the cost of capital. In Mexico, traditional bank lending is often less accessible to young companies without a track record of stable cash flows, while venture capital is concentrated in a limited number of hubs and check sizes; therefore, instruments that mobilize co-investment and professionalize analysis can broaden the range of options, although their effectiveness will depend on governance, transparency, execution timelines, and the ability to provide hands-on support.
There are also labor and regional implications. The promise of creating formal jobs over five years points to a desirable goal in a labor market that has shown strength but faces the challenge of raising productivity. Jobs generated by technology sectors tend to require more specialized skills and generally pay better; however, for the impact to be broad, coordination is needed with universities, training centers, and certification programs, as well as making it easier for companies outside major cities to access the investment pipeline.
Looking ahead, the main gauge will be portfolio quality: how many projects move from application to actual investment, what share manages to scale sales, export, or integrate as suppliers to established industries, and how much private capital accompanies each stage. The consistency of these results will determine whether the Fund of Funds relaunch translates into more applied innovation and higher domestic content—or whether it remains a limited-scope effort.
In sum, the call opens a pathway to connect Mexican tech companies with capital under a public-private model; its success will hinge on execution, genuine co-investment, and whether financing translates into productivity, local supplier development, and export competitiveness.
