Spain-headquartered security services provider Prosegur has launched a €30m ($33.6m) fund managed by its corporate venturing arm, Prosegur Tech Ventures, to invest in developers of security, financial and cybersecurity technologies.
Prosegur Tech Ventures began operating in early 2018 under managing director Javier López-Huerta Martín. Having evaluated more than 400 propositions, it has backed five startups including Concil, Cognigo and Reflekt, and plans to close more deals before the end of 2019.
The vehicle will provide between €300,000 and €3m for each deal, investing in early-stage companies with business-to-business products and services pertinent to the security industry, such as internet-of-things-based alarm systems, smart sensors and innovative payment technology.
Prosegur aims to attain financial returns in addition to leveraging portfolio companies’ insights and technologies for its three core businesses, which cover security alarms, security services and cash management.
Company executives will also participate in the investment process, vetting proposals before passing them on to the investment committee.
