IDC Ventures, the Global Venture Capital Platform with Guatemalan Origins
Founded in 2019, it has assets under management of $850 million through its own strategies and those co-managed with specialized partners. Its CEO, Bobby Aitkenhead, leads a team of 40 professionals, most of whom are based in Madrid.
Central American investment bank IDC traces its roots back to 1995, when two Guatemalan families launched a financial consulting firm. As the firm entered the mergers and acquisitions space, the very families they advised began asking them to co-invest in projects. This opened the door to opportunities in Guatemala’s real estate sector, energy infrastructure across Central America, and private equity in northern Latin America.
The venture capital arm, IDC Ventures, was created in 2019 by Bobby Aitkenhead (General Manager and CEO), Alejandro Rodríguez (Managing Partner), Antonio Baena (Partner and CFO), and Alejandra Godoy (Partner and COO). Their goal was to give family offices access to this type of investment and position themselves as a more global investment bank with operations in Europe, the United States, and Latin America.
Today, IDC Ventures has more than 400 investors from over 30 countries—90% of them family offices and professional investors—along with a number of strategic partners. The firm manages approximately $850 million in assets. Its team includes 40 professionals, mainly based in Madrid, Denmark (five people), and Miami (six), with additional presence in London, São Paulo, Buenos Aires, and New York.
A Distinct Investment Strategy
IDC Ventures launched the first of its proprietary funds in 2020, raising $125 million. The second fund, launched in 2022, totals $200 million and includes a portfolio of 25 companies. These funds focus on growth capital (Series A+), with strong specialization in fintech and marketplaces. They invest in Europe (primarily Spain, the Nordic countries, and the United Kingdom), the United States, and Latin America (Brazil and Mexico).
“We see ourselves as one of the families that invest with us, because we contribute between 20% and 30% to each of the strategies we launch. In the first fund, out of the $125 million, $25 million came from IDC and the partners,” says Godoy. She explains that the firm launched the fund with those initial $25 million and invited families to join in the second year. “We do this first to align incentives—if we invest our own money, investors have greater confidence in the product. Second, because of the seven-year timelines. By committing our capital upfront, we shorten the time horizon for investors and make them more comfortable.”
IDC Ventures leads 80% of the rounds it participates in and holds board seats in 85% of its portfolio companies. It follows a multistage strategy called Land, Expand & Consolidate. The first stage involves an initial investment of $2 million to $8 million to gain a strategic foothold (land). The firm then doubles down on top performers with additional investments of $8 million to $20 million (expand). In the final phase, IDC creates co-investment opportunities for the family offices (consolidate).
CookUnity: A Flagship Case Study
A standout example of this strategy is CookUnity, a prepared-meal delivery service that connects professional chefs with consumers, offering restaurant-quality dishes ready to heat and eat.
“When we invested in 2019, the company had $3 million in revenue and was valued at $27 million. Today, it generates $720 million and is valued at more than $1.3 billion. Over five years, we have invested more than $85 million through Funds I and II and various co-investment vehicles,” explains the COO. “The founding family of AmRest co-invested with us.”
IDC Ventures now holds 25% of the company and two board seats. The firm estimates that its initial investment could generate a 15x to 20x return. UBS is currently leading a continuation vehicle scheduled to launch next year, giving investors the option to either maintain their stake or sell and access liquidity.
Alongside its proprietary strategies, IDC Ventures also manages co-managed vehicles—designed with specialized partners—that broaden its thematic reach and offer exposure to differentiated opportunities.
This year, the firm launched VC4, a $150 million fund-of-funds led by Managing Partner Gonzalo Hinojosa. It invests in 30 venture capital funds, including established and emerging managers.
“It has a lower risk profile. It’s more diversified and aims for capital preservation.”
Co-managed strategies also include a Luxembourg-domiciled VC fund with Protein Capital, focused on blockchain and web3 technologies, as well as a venture debt strategy in the United States alongside IDCA Credit Ventures.
Looking Ahead
IDC Ventures expects to reach $1.5 billion in assets under management by 2027. Next year, the firm plans to launch its third fund, targeting $200 million to $250 million with the same investment thesis. In co-managed strategies, IDC is in talks with various managers to expand into longevity and sport-tech.
Another key objective is to continue strengthening its presence in the United States. In recent months, the firm has added two new partners in the country and expanded its local team.
