Mapfre invests €25m in insurtech venture fund
Spanish re/insurer Mapfre is investing €25 million in Alma Mundi Insurtech Fund that focusses on startups in the insurance sector.
The fund takes the form of a platform for the identification of early stage startups whose technology can be applied to the needs and trends of the industrial side of insurance, both from the perspective of internal process optimization and product generation and attracting clients.
As an anchor investor, Mapfre will play a leading role in the insurtech venture capital fund and its investment will be specifically made in the artificial intelligence and big data technologies space in Europe and Israel.
The re/insurer said that through this transaction it intends to secure additional business contribution to the group and generate a financial return on its investments.
Mapfre had acquired a minority interest in Alma Mundi Innvierte Fund, Fondo de Capital Riesgo Europeo (FCRE), an investment fund that finances different startups, including Spanish, Latin American and US companies, some of which are developing technological projects related to the insurance industry, in 2016.
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