Mundi Ventures announces the first close of its LatAm Fund I

Mundi Ventures announces the successful first close of Mundi Ventures LatAm Fund I, a US$100 million venture capital fund backing the next generation of technology companies expanding access to financial and health protection solutions across Latin America and the Caribbean. The close is supported by BID Invest, COFIDES, and leading regional insurance groups, reflecting strong institutional conviction and deep alignment with the industry.

Investing in protection for the digital economy

LatAm Fund I will invest in early-growth companies across the Fintech, Insurtech, Healthtech, Climate, and adjacent sectors. The strategy focuses on AI-first and deep tech companies building proprietary infrastructure, data-driven underwriting, intelligent risk management models, and next-generation embedded distribution systems, redefining how protection products are designed, priced, and distributed at scale.

While digital financial and health services are expanding rapidly across Latin America, the penetration of protection solutions remains structurally low. AI-native and embedded distribution models are demonstrating higher adoption rates and stronger unit economics than traditional channels, creating an attractive opportunity to scale coverage through capital-efficient business models.

“Latin America is undergoing a profound digital transformation, yet access to protection remains deeply unequal,” said Rafaela Andrade, Partner at Mundi Ventures. “We believe the next generation of leading companies will naturally integrate financial and health protection into everyday digital experiences. By combining sector specialization with our strategic base of industry LPs, we are uniquely positioned to support founders in scaling solutions that strengthen the resilience of millions of people across the region.”

A differentiated LP base and strategic advisory

A distinctive feature of the fund is the participation of insurance companies and financial institutions as limited partners. Beyond capital, these institutions contribute sector expertise and clear innovation priorities. Through collaboration with portfolio companies, LPs can strengthen and expand their core businesses — improving products, accelerating digital transformation, and enabling embedded distribution channels. This alignment creates a powerful virtuous cycle between capital, innovation, and commercial execution.

The fund is also supported by senior advisors Marcelo Blay and Sheynna Hakim, who bring complementary experience in leadership roles within the insurance and financial services sectors in Latin America. Marcelo was a senior executive at Porto Seguro and Itaú before founding and successfully selling Minuto Seguros. Sheynna held leadership roles at Itaú and most recently served as CEO of BNP Paribas Brazil, bringing strong institutional and operational experience.

“Marcelo and Sheynna bring the operational depth and regional leadership required to build enduring companies in Latin America,” said Moises Sanchez, General Partner at Mundi Ventures. “Their experience strengthens our ability to support founders with strategic vision, industry connectivity, and long-term value creation.”

Strengthening a global platform

LatAm Fund I reinforces Mundi Ventures’ global platform across Europe, the United States, and Asia, where the firm has invested in companies such as Bolttech (Singapore), Descartes (France), Shift (France), Klarna (Sweden), and Job&Talent (Spain). In Latin America, Mundi has backed companies including Raincoat, Sami, Betterfly, and Olé Life — businesses redefining access to protection for millions of people across the region.

About Mundi Ventures

Founded in 2015, Mundi Ventures is a venture capital firm headquartered in Madrid with €1.5 billion in assets under management. Mundi Ventures has backed more than 70 technology companies globally, with a strong focus on Climate Tech, Retail Tech, Insurtech, and Fintech. The firm operates as a thematic investment platform strategically oriented toward emerging industry trends. Its international team of 25 people from 17 nationalities brings a diverse global perspective to its investment approach.

The founder of Mundi Ventures, Javier Santiso, holds a PhD from Oxford University, where he specialized in Latin America under the supervision of Albert Hirschman. He has published several books on Latin American emerging economies with academic publishers such as Oxford University Press, Cambridge University Press, and MIT Press. He also served as Chief Economist and Director of the OECD Development Centre, where he led, among other initiatives, the accession processes of countries such as Chile and Colombia to the OECD. More recently, he worked alongside the CEO of Telefónica and founded Amerigo, a venture capital fund of funds with more than US$400 million focused on Latin America