InnoCells, Banco Sabadell’s hub of digital ventures, and Mutua Madrileña have formalised their investment in Antai as part of a capital increase totalling 20 million euros, through an investment of 5 million euros each one. Several family offices as well as the company’s founders have participated in the capital increase.
The Spanish venture builder, founded in 2012 by Miguel Vicente and Gerard Olivé, holds an interest in 17 startups, some of which are already consolidated −such as Wallapop and Glovo. Together with Antai, InnoCells and Mutua Madrileña will contribute to the development of new digital businesses in the fintech and insurtech sectors, capitalising on their knowledge of their respective businesses, and the experience gained by the builder in the creation of successful startups.
This investment in Antai's capital will allow both entities to boost the development of their innovation ecosystems, combining their internal transformation processes with the external innovation offered by startups already developed by Antai, as well as increasing their access to new market trends and the development of new and innovative business projects.
For Antai, the investment from the bank and the insurance company will allow it to allocate new resources to the creation of multiple startups, together with its new partners, as well as sharing its know-how, which will contribute to the development of the new businesses. Mutua Madrileña and Banco Sabadell will be present in the Board of Directors of Antai, and they will participate in innovation committees focused on maximising synergies, monitoring the evolution of investments and analysing new business opportunities.
Miguel Vicente and Gerard Olivé, founders of Antai Venture Builder, have said that: "We are convinced that the incorporation of the know-how, talent and leadership of Mutua Madrileña and InnoCells will be key to the success of disruptive ventures created by Antai in sectors undergoing continuous transformation".
Two organisations focused on innovation
For Mutua Madrileña, its investment in Antai Venture Builder represents the creation of its first open innovation laboratory to develop insurtech startups. This initiative will be strengthened in the future through new projects designed to maximise new distribution channels and business segments.
The insurance group, chaired by Ignacio Garralda, includes the acceleration of its digital transformation and diversification process amongst the objectives of its new Strategic Plan 2018-2020, for which it has designed a new organisation with a greater focus on innovation and collaboration. Thus, this year, Mutua has created a new Deputy General Directorate of Transformation, reporting to General Management, as well as two new divisions: Innovation Division and Diversification Division.
In the last General Meeting the Chairman of Grupo Mutua, Ignacio Garralda, indicated that the "insurance sector should prepare itself to face economic and social changes which are becoming more apparent, and increased competition, not only from traditional agents, yet also from new competitors from other sectors. This will include a profound change in social uses and habits, which will not only affect our way of life, yet which will have an even greater impact on future generations".
In fact, Mutua, through its investment in Antai, holds interests in more than 30 startups: 17 through Antai and 15 via Kibo Ventures, in which the insurance company invested in 2012 together with Telefónica and CDTI as "anchor" investors. This fund forms part of its supervision committee, having developed successful initiatives such as Flywire, Job & Talent, Worldsensing, Promofarma, Captio, Minube and Qustodio.
InnoCells, the digital business hub and corporate venture arm of Banco Sabadell leads the digital strategic reflection of the Group and acts as a business builder, with a fully flexible model. Its activity is based on the creation of new digital businesses regarding areas of strategic interest, as well as boosting existing startups, making its strategic assets available to the entrepreneurial ecosystem.
Julio Martínez, Executive Director of InnoCells, highlights: "It is a privilege for us to be part of the shareholding structure of Antai, a venture builder which has developed some of the most recognised startups in the Spanish market, and which has a highly accredited management team that attracts differential talent to its new businesses". Adding that: "This investment represents Banco Sabadell moving a step closer towards a model for the launch of vastly experienced startups, and from InnoCells we can drive joint initiatives forward together, which will create a transformational impact for the entity".
Furthermore, InnoCells carries out direct minority investments in order to draw in new capacities, talent, knowledge and technology. It also carries out acquisitions to incorporate proven business models and core capacities with a reduced time-to-market. Additionally, it carries out indirect investments in third party funds to strategically position itself in prestigious international hubs and access business opportunities.
Banco Sabadell has more than 2,700 startup customers, and in the last five years it has granted more than €150 million in investment and financing. It has invested in more than 50 startups through InnoCells, the investment vehicle BStartup10 for initial project stages, as well as via Sabadell Venture Capital for investments in capital and venture debt of up to two million euros in seed and A series stages.