CASEIF IV LP and LAFISE Invest USD 10M in Publimovil,
Backed by World Bank & IDB, to Accelerate Digital OOH in Latin America
USD 10M private equity round, backed by IFC, IDB Invest, FMO, NORFUND, SIFEM, FINDEV Canada and LAFISE,
will accelerate Publimovil’s expansion across Latin America and its DOOH and AI-driven audience measurement strategy
San Salvador, El Salvador — CASEIF IV LP, the fourth regional private equity fund managed by LAFISE Investment Management, has announced a USD 10 million investment in Grupo Publimovil, a 100% Salvadoran company and a leading out-of-home (OOH) media operator in Latin America. The transaction, formalized in May 2026, is backed by some of the most prominent development finance institutions in the world and represents one of the most significant private equity deals in Central America’s advertising sector in recent years.
The investment was formalized at a private event in San Salvador hosted by Max Novoa, Founder and CEO of Grupo Publimovil; Niall McCormack, Co-founder; and Erick Lagos, Managing Director of LAFISE Investment Management, alongside representatives from CASEIF IV LP investors and the Investment Management team.
The deal marks a milestone in the company’s 27-year trajectory and positions it to lead the modernization of the OOH industry across the region. “This investment is a vote of confidence from world-class development finance institutions. It fills us with both pride and responsibility. We are
committed to executing with agility and discipline to bring Publimovil’s value proposition to new markets and deliver innovation across every country where we operate. The future of OOH is digital, programmatic and connected — and we will lead it from Latin America.” — Max Novoa, Founder and CEO of Grupo Publimovil @pubimovillatam
The future of OOH is digital, programmatic and connected — and we will lead it from Latin America
WHO INVESTS IN PUBLIMOVIL: A WORLD-CLASS BACKING
Behind the USD 10 million investment in Grupo Publimovil stands a group of development finance institutions (DFIs) and multilateral entities that rank among the most influential in the world. These institutions invest exclusively in projects with high potential for economic, social and environmental impact, applying rigorous standards of selection, corporate governance and sustainability.
The presence of these investors in CASEIF IV LP —the fund through which the investment in Publimovil is made— validates the company’s potential and the strength of its business model.
— IDB Invest. The private sector arm of the Inter-American Development Bank (IDB). It promotes economic and social development across Latin America and the Caribbean by financing sustainable companies and projects. It manages an active portfolio of over USD 21 billion.
— IFC (International Finance Corporation). A member of the World Bank Group and the largest global development institution focused on the private sector in emerging markets. It operates in over 100 countries and manages a committed portfolio of over USD 100 billion.
— FMO. The Dutch Entrepreneurial Development Bank, one of the largest DFIs in the world. It specializes in financing companies in emerging markets with a focus on sustainability and social impact. Its portfolio exceeds EUR 13 billion.
— NORFUND. The Norwegian Investment Fund for Developing Countries, owned by the Government of Norway. A historic co-founder of LAFISE Investment Management more than 25 years ago. Its mission is to contribute to sustainable economic development through equity investments.
— SIFEM. The Swiss Development Finance Corporation, the investment arm of Switzerland’s Economic Cooperation. It invests in emerging markets with a focus on small and medium-sized enterprises and positive social impact.
— FINDEV Canada. Canada’s Development Finance Institution. It supports job creation, women’s economic empowerment and the transition to low-carbon economies in emerging markets.
— Grupo LAFISE. A regional financial group with over 40 years of experience and operations in Central America, the Caribbean and Colombia. Co-founder and co investor of CASEIF IV LP.
WHAT IS CASEIF IV LP
CASEIF IV LP (Central American Small Enterprise Investment Fund IV) is the fourth regional private equity fund managed by LAFISE Investment Management, a strategic partnership of more than 25 years between Grupo LAFISE and NORFUND. The fund’s mission is to drive sustainable economic development across Central America, the Caribbean and Colombia by closing the financing gap faced by mid sized companies with high growth potential.
Unlike traditional debt, CASEIF IV LP offers long-term capital tailored to the operational reality of each portfolio company, enabling companies like Publimovil to execute ambitious expansion plans without compromising operational cash flow.
USE OF FUNDS: THREE STRATEGIC PILLARS
CASEIF IV LP’s resources will be deployed across three strategic pillars that accelerate the digital transformation of out-of-home media in Latin America:
— Next-generation DOOH inventory deployment. Scaling and modernizing Publimovil’s digital screen network, consolidating one of the largest and most advanced DOOH networks in Latin America.
— AI-driven audience measurement integration. Investment in AI technology that enables real-time audience measurement, transforming physical assets into strategic information nodes and empowering brands to make data-driven decisions.
— Regional expansion and market consolidation. Entering strategic new markets across Latin America while strengthening operations in the 15 countries where Publimovil already operates, including the U.S., Central America, the Caribbean and South America.
BEYOND CAPITAL: STRATEGIC VALUE CREATION
A defining feature of investments by development funds like CASEIF IV LP is the strategic support they provide to portfolio companies. The investment in Publimovil includes a comprehensive value-creation program with four pillars:
— Corporate governance best practices. Implementation of leading international governance standards for companies in accelerated growth phases.
— ESG and sustainability standards. Adoption of global standards in environmental, social and governance practices, aligned with the principles of investing DFIs.
— Gender equality initiatives. Initiatives to promote gender equity at all organizational levels and foster female leadership.
— Talent development and organizational scaling. Process professionalization, talent acquisition and capability development to sustain regional growth.
This support raises Publimovil’s operational standards and positions the company within the investment-grade segment of the Latin American market.
WHY THIS INVESTMENT, WHY NOW
Out-of-home media is undergoing one of the most profound transformations in its history. Digitalization, programmatic buying and data integration have made OOH one of the fastest-growing channels in global advertising spend. According to industry data, the DOOH segment is growing at double-digit rates year over year and already accounts for more than 35% of total OOH spend in developed markets.
Publimovil has been a pioneer of this transformation in the region, betting early on digitalization, regionalization and artificial intelligence. Its collaborative platform Y.O.D.A. (Your Outdoor Digital Assistant) is the largest programmatic OOH buying platform in Latin America, integrating AI for campaign analysis, planning and optimization.
CASEIF IV LP’s investment will allow Publimovil to capture market opportunity at accelerated speed, at a time when the company expects to surpass USD 100 million in annual revenue within the next 2 to 3 years and maintain its position in the top 5 of Latin America by OOH revenue and coverage.
“Speed of execution is critical to deliver solutions that help our clients meet their objectives. Time to market is a competitive advantage, and this
investment allows us to execute with the speed our industry demands and the ambition our clients expect.” — Max Novoa, Founder and CEO of Grupo Publimovil
“Speed of execution is critical to deliver solutions
INVESTMENT IMPACT
With this investment, Grupo Publimovil consolidates its track record of regional impact, supported by figures that demonstrate the scale of the operation:
— 20+ million people. The daily regional audience reached by Publimovil’s solutions across its 15 markets.
— 14,000+ advertising assets. Active inventory across the region, with retroactive measurement to optimize each campaign’s impact.
— 3,000+ digital screens. Connected to the Xchange collaborative network, which links Publimovil’s inventory with strategic partners in Colombia, Ecuador, Argentina and the Dominican Republic.
— 400+ employees. The PubliTeam, distributed across the 15 countries where the company operates.
— Top 5 in Latin America. Grupo Publimovil’s ranking by OOH revenue and coverage at the regional level.
ABOUT GRUPO PUBLIMOVIL
Founded in 1999 by Max Novoa, Grupo Publimovil is a 100% Salvadoran company and a leading provider of out-of-home (OOH), Digital Out of Home (DOOH) and indoor media solutions in Latin America. With presence in 15 countries —from the United States to Argentina and the Caribbean
— the company has transformed out-of-home media in the region: from a traditional medium into an intelligent, measurable and connected ecosystem. As a partner of Xchange Global, Publimovil connects to OOH media worldwide, from programmatic DOOH formats to inventory in more than 100 airports around the world, taking its clients beyond regional borders.
Publimovil is a member of the leading global associations in the sector, including OAAA (U.S.), WOO (Global) and ALOOH (Latin America), where it is part of the Hall of Fame that brings together the most relevant out-of-home companies in the region. Its CEO Max Novoa was recognized by Revista Summa for the company’s growth across Latin America in recent years.
ABOUT LAFISE INVESTMENT MANAGEMENT
LAFISE Investment Management was established more than 25 years ago through a strategic partnership between the Norwegian Investment Fund for Developing Countries (NORFUND) and Grupo LAFISE, with the mission of driving sustainable economic development across Central America, the Caribbean and Colombia. Through the management of private equity funds, LAFISE Investment Management has overseen four generations of regional funds (CASEIF I, II, III and IV), investing in companies with high growth potential and impact. Its model combines patient capital, strategic support and global standards of sustainability and corporate
governance.