Banco Sabadell and Mutua Madrileña support Spanish VC Antai
Spanish insurer Mutua Madrileña, and InnoCells, Banco Sabadell’s investment hub, have both taken part in a $20 million funding round by Antai Venture Builder, with $5 million of investment each.
Other family businesses and company founders participated in the raising of capital.
The Spanish venture builder was founded in 2012 by Miguel Vicente and Gerard Olivé, and has helped build 17 start-ups, such as Wallapop and Glovo.
The collaboration by Mutua Madrileña and InnoCells will contribute to the development of digital business in insurtech and fintech areas – their respective areas.
Antai says the bank and the insurer both bring the knowledge and resources to kickstart start-ups, since both firms will have representation on Antai’s management board.
Vicente and Olivé are sure that the integration of this knowledge, talent and leadership by both entities will be key in the success in the creation of new disruptive ventures.
For Mutua Madrileña, Antai represents its first participation in an insurtech lab.
Mutua Madrileña’s CEO is Ignacio Garralda, who has a 2018-2020 strategy of digital transformation and product diversification. It has set an internal committee to guide its efforts.
Garralda says that “the insurance sector must prepare itself to deal with the economic and social changes that are beginning to produce and the competition not only of the traditional agents, but also of the new operators from other sectors. To this, we will add a profound change in social uses and customs, which will affect both our way of life and, even more so, that of the next generations”.
Banco Sabadell has more than 2,700 start-up clients, and in the last five years it has granted more than €150 million in investment and financing. There are over 50 startups that have been invested both through InnoCells, the investment vehicle BStartup10, and Sabadell Venture Capital.
