Mundi Ventures opens €250-million fund with €120 million to back insuretech firms

Madrid-based venture capital firm Mundi Ventures has rolled out its second insuretech fund. The Insurtech Fund II will focus on the insurance sector and cover insuretech as well as fintech, deeptech, or healthtech startups that work with the insurance sector. It has already opened the fund with more than €120 million, out of €250 million it is seeking.

Founded by Moises Sanchez and Javier Santiso, the fund will invest in Series A and Series B with inflows of up to €5 to €10 million in Europe. With the new fund, it is doubling the size and expanding with several additions in the investment team, operations and senior advisors. It has already invested in France-based Convelio. Other investments are pending in the U.K.

The insurtech fund currently has 6 unicorns in its kitty, including Wefox (Berlin), Klarna (Stockholm), Job&Talent (Madrid) and Shift Technology (Paris).

Talking about its investments in Europe, Javier Santiso, CEO and founding general partner, Mundi Ventures said: “We invest up to 80 per cent in Europe. We have found amazing companies in Europe, both on the pure insurtech space and also platforms that are willing to build a layer of insurance, fintech platforms, human resources, or mobility platforms. In the past, we have invested in the likes of Auto1 and Klarna. We also strongly focus on ESG and purpose-driven investments. Climate-risk companies like Descartes or FloodMapp, ageing or migrant population startups like Cuideo or Asistensi, and fintech-focused on ESG investments like Clarity have been on our radar for a long time.”