Insurance provider Mapfre has agreed to provide €25m ($28.3m) in capital as anchor investor in Alma Mundi Insurtech Fund, a specialist fund formed by Spain-based venture capital firm Mundi Ventures.
Alma Mundi will invest in portfolio companies situated in Europe and Israel that are operating around the insurance sector, in areas such as big data or artificial intelligence. Mapfre had previously contributed to the firm’s Alma Mundi Innvierte Fund, FCRE, in 2016.
Mapfre has also signed up 19 participants to its accelerator, Insur_space, which is intended to fuel the development of insurance technologies that can be incorporated into Mapfre’s overall offering.
The company has earmarked €700m of investment in technology per year as part of the Mapfre Open Innovation it formed earlier this year, and €100m has been specified for the creation of new products and innovative technologies.
Additional reporting by Jack Hammond.
