Mundi Ventures Announces its LatAm Fund I First Closing
We are proud to announce the successful first closing of Mundi Ventures LatAm Fund I, a US$100 million venture capital fund backing the next generation of technology-driven companies expanding access to financial and health protection across Latin America and the Caribbean. The closing is anchored by IDB Invest, COFIDES, and leading regional insurance groups — reflecting strong institutional conviction and deep industry alignment.
Investing in Protection for the Digital Economy
The LatAm Fund I will invest in early-growth companies across Fintech, Insurtech, Healthtech, Climate, and adjacent sectors. The strategy targets AI-first and deep tech companies building proprietary infrastructure, data-driven underwriting, intelligent risk models, and next-generation embedded distribution — redefining how protection products are designed, priced, and delivered at scale.
While digital financial and health services are expanding rapidly across Latin America, protection remains structurally underpenetrated. AI-native and embedded distribution models are showing higher adoption and stronger unit economics than traditional channels, creating a compelling opportunity to scale coverage while building capital-efficient businesses.
“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 category-defining companies will seamlessly 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 help founders scale solutions that expand resilience for millions across the region.”
A Differentiated LP Base and Senior Advisory Support
A defining feature of Mundi Ventures Fund is the participation of insurance companies and financial institutions as limited partners. Beyond capital, these institutions bring industry insight and innovation priorities. By collaborating with portfolio companies, LPs can strengthen and expand their core businesses — enhancing products, accelerating digital transformation, and unlocking embedded distribution channels. This alignment creates a powerful flywheel between capital, innovation, and commercial execution.
The fund is further strengthened by senior advisors Marcelo Blay and Sheynna Hakim, who bring complementary leadership across insurance and financial services in Latin America. Marcelo was a senior executive at Porto Seguro and Itaú before founding and successfully exiting an insurtech company, combining incumbent expertise with entrepreneurial execution. Sheynna held senior roles at Itaú and most recently served as CEO of BNP Paribas Brasil, bringing deep institutional and operational experience.
“Marcelo and Sheynna bring the operating depth and regional leadership required to build enduring companies in Latin America,” said Moises Sanchez, General Partner at Mundi Ventures. “Their experience enhances our ability to support founders with strategic insight, 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 backed companies such as Bolttech (Singapore), Descartes (France), Shift (France), Klarna (Sweden), and Job&Talent (Spain). In Latin America, Mundi has supported champions including Raincoat, Sami, Betterfly, and Olé Life, companies redefining protection for millions 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 supported over 70 technology companies globally, with a strong focus on Climate Tech, Retail Tech, InsureTech and Fintech. The firm operates as a platform for thematic investments, strategically targeting emerging trends across industries. Mundi’s international team, consisting 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 the University of Oxford, where he specialized in Latin America under the supervision of Albert Hirschman. He has published several books on Latin American emerging economies with leading academic publishers including Oxford University Press, Cambridge University Press, and MIT Press. He also served as Chief Economist and Director General 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 over US$400 million focused on Latin America.
Contact information:
Rafaela Andrarde— rafaela@mundiventures.com
Moises Sánchez — moises@mundiventures.com
