Global insurance group MAPFRE has become the anchor investor in Mundi Ventures’ Alma Mundi Insurtech Fund, FCRE after committing €25m.
The venture fund will focus exclusively on InsurTech start-ups primarily located in Europe and Israel. Mundi is particularly interested in insurance companies utilising artificial intelligence and big data technologies.
MAPFRE is looking to use the commitment to secure additional business contribution to the group and generate returns, according to an official release. The insurance major has said it will play a leading role in the fund.
MAPFRE has invested in the fund as it steps up its venture capital commitments in the insurance sector. In 2016 MAPFRE made a minority investment in another Mundi Ventures vehicle, Alma Mundi Innvierte Fund.
The VC’s B2B technology venture fund typically invests between $500,000 and $5m per deal.
Back in December 2016 Mundi Ventures led a $1.67m investment round in Swiss FinTech Qumram, the firm went on to provide a further investment of 1.5 million Swiss Francs last year.
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