Certifica.com Certifica is providing web traffic measurement as well as auditing and analysis for Internet sites in Latin America. Through an internally developed software hosted in Certifica''s premises, Certifica is able to measure their clients traffic and provide a third party independent certification that the traffic figures are correct. In addition, Certifica provides their clients with reports containing useful information that will improve internal managerial decisions. Certifica intends to become the leading company and de-facto standard in this Internet infrastructure related area across Latin America, thereby contributing to increased transparency and further build-out of the Internet on the continent. The existence of reliable and comparable traffic figures for competing websites in Latin America will allow external parties such as investors and advertisers to better allocate their scarce financial resources among Internet based companies across the region.     The establishment of Internet measuring standards for the region and the existence of credible independent firms measuring and auditing Latin America''s websites is considered fundamental for the transparency and development of the sector. Certifica''s marketing campaigns include extensive education to the market about the advantages of the services it provides and plans to provide.  For example, as part of its cooperation agreement with the Chilean and Peruvian Advertising Agencies Associations, Certifica has agreed to provide free to members periodic reports about Internet usage as well as organize conferences and other events related to traffic auditing and how these traffic figures can be used by advertising agencies. Another developmental feature which makes this project attractive is the fact that it plans to expand throughout all of Latin America and not only the big three Internet markets (Brazil, Mexico and Argentina). In addition, the founders and sponsors behind Certifica are Chilean and the company has already opened an office in Peru. There is also a major confluence of objectives in this area between IFC and the project sponsors, as Fundacion Chile is a non-profit development agency, and the project has had developmental objectives from its formation.     IFC''s strategy in the Internet sector favours supporting infrastructure projects, with local entrepreneurs and partners. Certifica will provide a key component of Internet infrastructure for the region and it''s sponsors and founders are 100% local. As noted above, this project is quite unique in that it plans to expand simultaneously to countries other than the big three (Brazil, Mexico and Argentina), namely Chile and Peru where it is already operational and Colombia and Central America following the proposed financing round.   IFC''s presence will reinforce the development aspects of this project since we are encouraging the Company to focus on the smaller Internet markets in the region.  IFC will also help to encourage further investment by other institutional investors, since the provision of venture capital to the region (though growing) is still limited, and Certifica will need to raise additional capital in order to complete its Latin America expansion.  In addition, most of the venture capital flowing to the region is going to companies in Brazil, Argentina and Mexico. Chilean start-ups have had much more difficulty raising risk capital. The project sponsors also believe IFC''s participation will be valuable in political risk mitigation as the company expands into less developed and more politically unstable countries in the region.