Spanish insurer MAPFRE has announced that it has pledged to invest US$28.5 million in the Alma Mundi Insurtech Fund. The purpose of the fund is to seek out and identify early-stage startups working on technological propositions that can potentially be adapted to serve the insurance sector. As an anchor investor, MAPFRE will play an integral role to the workings of the fund going forward.
The investments will have a particular focus on startups that are making use of artificial intelligence and big data. In terms of geographical focus, Europe and Israel will be the primary insurtech innovation hubs on which the fund will concentrate.
The investment represents the continuation of a commitment to venture capital strategies within the insurance sector that MAPFRE began back in 2016, when it acquired a minority stake in Alma Mundi Innvierte Fund.