Spain-based bank BBVA has committed a further $150m to financial sector-focused venture capital firm Propel Venture Partners and bringing its total commitment to more than $400m since 2016.
BBVA has committed an initial $50m to an annual fund as the sole limited partner (LP). This will be followed by similar funds in 2022 and 2023, which will be open to outside investors.
Propel was formed by Jay Reinemann and David Mort from spinning out BBVA’s corporate venturing unit. It has invested in more than 40 companies, such as Coinbase, DocuSign, Hippo, Guideline and Neon, in five countries, including the US, Mexico and Brazil.
Carlos Torres Vila, executive chairman BBVA, said: “The excellent performance of the funds is coupled with lessons and experiences BBVA and the entrepreneurs have shared, helping to accelerate our overall transformation.”
In addition to investing in early-stage startups through Propel, BBVA maintains relationships with accelerators and strategic partnerships with technology groups, such as Uber in Mexico or Xiaomi in Spain.
