FINANCE | 06.20.2016
MAPFRE invests in Alma Mundi, a mutual fund that finances start-ups
MAPFRE has invested in Alma Mundi Innvierte Fund, FCRE, a mutual fund that finances a variety of start-ups, including Spanish, Latin American and U.S. companies, some of which are currently developing technology projects related to the insurance industry.
This is MAPFRE’s first engagement with the start-up world and reflects the organization’s firm commitment and support for innovative projects with a high potential for development. The organization is the fund’s major investor in fintech as well as the only insurance company involved in Alma Mundi Innvierte Fund.
The fund’s objective is to raise around 50 million euros to finance start-ups, and MAPFRE’s investment will represent up to 7.5 percent of the total capital. Josep Celaya, Corporate Innovation Manager, represents the insurance company on the fund’s board of directors.
Remote medical consultations, the Internet of Things and predictive behavior modeling are some of the projects currently being developed by the start-ups that benefit from the fund.
Alma Mundi Innvierte Fund, FCRE, is a risk capital fund that specializes in technology start-ups with B2B business models and Series A and B investments (between 500,000 and 5 million). The fund manager is Alma Mundi Ventures SGEIC, S.A., headquartered in Madrid and with offices in Barcelona, London and New York. Its associate investors come from Palo Alto, New York, London, Paris, Amsterdam, Stockholm, Geneva, Barcelona and Madrid. The founding team also has experience in Asia and Latin America.
The fund also benefits from the Mundi Club, which draws its members from leading Spanish executives around the world as well as foreign executives with links to Spain. Alma Mundi actively promotes Spain 3.0, supporting Spanish start-ups throughout the country and foreign start-ups that locate their engineering resources and value-added processes in Spain. For more information: http://www.mundiventures.com
MAPFRE is a global insurance company with a presence across five continents. The benchmark insurer in the Spanish insurance market, it is also the leading multinational insurance group in Latin America and one of the top 10 insurance groups in Europe in terms of premium volume. MAPFRE employs more than 38,400 professionals and services approximately 34 million clients worldwide. In 2015 its revenues exceeded 26.7 billion euros and the net profit amounted to 709 million euros.