Spanish insurer MAPFRE has pledged a €25 million (US $28.5 million) investment in the Alma Mundi Insurtech Fund, with the aim of identifying early stage startups whose technology can be applied to the insurance sector.
MAPFRE’s role as an anchor investor means it will play a key role in in the fund.
The investments will in particular seek out startups leveraging artificial intelligence and big data technologies, with sights being set primarily on Europe and Israel, another insurtech innovation hub.
With this transaction, MAPFRE is stepping up commitments in venture capital associated with the insurance sector, a drive which began in 2016 following the acquisition of a minority interest in Alma Mundi Innvierte Fund, FCRE.
This new fund, registered in the CNMV – a government agency responsible for the financial regulation of the securities markets in Spain – as Alma Mundi Insurtech Fund, Fondo de Capital Riesgo Europeo, is managed by Mundi Ventures.