Mundi Ventures

Mundi Ventures Research Firm Overview Mundi Ventures (formerly Alma Mundi Ventures) is a European venture capital firm founded in 2015 and headquartered in Madrid, Spain, with offices in London, Barcelona, and Paris. The firm backs bold, purpose-driven founders building technology companies that address significant global challenges. Founded by CEO & General Partner Javier Santiso, Mundi has evolved from a specialized insurtech-focused fund into a multi-strategy global VC with over 60 portfolio companies, 4 unicorns, 1 IPO (Klarna, NYSE 2025), and 14 acquisitions. Investment Thesis Mundi Ventures believes that the most transformative companies emerge at the intersection of deep technology and critical global challenges — particularly climate risk, insurance infrastructure gaps, healthcare access, and fintech inclusion. Their core thesis is that Europe has world-class deep tech talent and an institutional ecosystem capable of producing global champions, but suffers from a "scale-up problem" where growth-stage companies lack access to large-scale growth capital. Mundi bridges this gap by partnering with purpose-driven founders early and following them through growth. The firm's latest fund, Kembara (€750M first close, targeting €1B+), explicitly addresses this by providing growth capital to European deep tech and climate companies at Series B and C stages — aiming to keep European champions European while enabling global expansion. Sector Focus Mundi Ventures invests across five primary verticals: 1. Insurance Technology (Insurtech) — their longest-standing focus. The firm has backed companies across the full insurance value chain: distribution (Agentero, SafetyWing, Ole Life, Life5, Barkibu), underwriting and risk modeling (Descartes Underwriting, Kovrr, Artificial Labs, Raincoat, FloodMapp), claims and operations (Shift Technology, Wrisk, Qumram), and reinsurance (Supercede). European insurance remains underdigitized and their portfolio spans pet insurance to climate parametric products. 2. Fintech & Payments — Mundi has backed Klarna (now NYSE-listed), Hokodo (B2B BNPL), Twinco Capital (supply chain finance), Akko (device protection), and other payments/lending plays. The LATAM Insurtech Fund (€100M target, IDB Invest co-anchor) extends this thesis into underserved Latin American insurance and fintech markets. 3. Climate Tech & Deep Tech — Now the core of Kembara, this includes Submer (data center immersion cooling), Infinited Fiber (textile-to-textile recycling), Galy (lab-grown cotton), Epoch Biodesign (plastic biotech), and THEKER Robotics (industrial robotics). Kembara also targets quantum computing, semiconductors, and space tech. 4. Healthcare & Life Sciences — Koa Health (mental health platform), ABI Global Health (antimicrobial diagnostics), Sami Saúde (Brazilian primary care), Acurable (respiratory monitoring), and Cuideo (elderly care) represent Mundi's health portfolio. 5. Enterprise Software & AI — Clarity AI (ESG analytics), Lang AI (NLP customer experience), Shift Technology (AI for insurance claims), Memgraph (graph analytics), Sherpa AI, and Synthesized (data infrastructure) reflect growing AI/ML investment. Stage Focus Mundi's strategy has evolved across funds: ALM I (2015-2018) : Seed and Series A, check sizes €1-5M ALM II (Insurtech Fund, 2022) : Series A and B, check sizes €5-10M, €250M fund size LATAM Insurtech Fund (2024) : Seed to Series B, focused on Latin America, $100M target Kembara (2026) : Series B and C growth stage, check sizes €15-40M initial (up to €100M follow-on), €750M first close Overall portfolio statistics: 26 Series A investments (avg round $16.7M), 17 Seed investments (avg round $4.44M), 14 Series B investments (avg round $34M). Check Size Across Mundi's fund suite, typical check sizes range from €1M-€40M depending on stage and fund: Early stage (Seed/Series A): €1M-€10M Growth stage (Series B/C, Kembara): €15M-€40M initial, up to €100M total Lead Tendency Mundi frequently leads rounds. They led the Parametrix $27M Series B (December 2025) and have led or co-led many earlier rounds. With Kembara, they plan to take lead positions in approximately 20 portfolio companies at Series B/C. Recent Activity Mundi Ventures has been actively deploying from multiple funds simultaneously: February 2026 : Artificial Labs (AI for commercial insurance underwriting) — Series B follow-on December 2025 : Parametrix — $27M Series B lead November 2025 : Wrisk — £12M Series B participation July 2025 : THEKER Robotics — $21M seed round; Wefox — €151M follow-on April 2025 : Hokodo — €10M follow-on March 2025 : Epoch Biodesign — $18.3M Series A February 2026 : Kembara Fund I — €750M first close announced March 2026 : LatAm Fund I — €86M first close announced Portfolio Highlights Unicorns (4): Betterfly (employee benefits, LATAM) — $1B+ valuation Jobandtalent (staffing marketplace, Spain/global) — €1.3B valuation (April 2025 round with BlackRock) Bolttech (insurance technology platform, Asia) — $1B+ valuation Klarna (BNPL fintech, Sweden) — IPO on NYSE September 2025 at $15.1B market cap Notable Exits (14 total): Klarna IPO (NYSE, September 2025, $15.1B market cap) Adsmurai acquired (September 2025) Returnly acquired Alice Biometrics acquired Luko acquired Geoblink acquired +Simple acquired Unkle acquired Team Mundi Ventures has a senior and experienced investment team: Javier Santiso, CEO & General Partner : Former CEO of Khazanah Europe (Malaysian sovereign wealth fund), PhD Oxford, MBA HEC. Has written books on Latin America's political economy. The firm's founder and driving force. Moisés Sánchez, CLO & General Partner : Former Garrigues Corporate & M&A partner. JD Law, University of Barcelona. Leads legal strategy and governance. Rafaela Andrade, Partner : Former Managing Director at Figueira Ventures. MBA Wharton. Focuses on LATAM and fintech. Lluis Viñas, Partner : Former Minsait Strategy Consultant. MBA IESE, MSc Industrial Engineering. Focuses on enterprise and deep tech. Rajeev Singh-Molares, Partner (ALM I & II) : Former DHL CEO Europe, Middle East and Africa. MA Yale. Alejandra Maortua, Investment Director : Former Goldman Sachs PE Senior Associate. MSc Columbia University. Javier Sánchez, Principal : Former Strategy& Senior Associate (Insurance). MSc Engineering and Business. Yago Montenegro, Venture Partner : Former VP at Khazanah Nasional. MBA Wharton, MSc Space Science. Delfín Rueda, Venture Partner : Former CFO of NN Group. MBA Wharton. Decision Process Mundi operates as a partnership with multiple GPs (Javier Santiso, Moisés Sánchez, and others in Kembara including Yann de Vries, Robert Trezona, and Pierre Festal). Investment decisions are made by the investment committee. Given their size and multiple fund structure, decision timelines are typically 4-8 weeks. Founder Preferences Mundi backs purpose-driven founders who are solving genuine global challenges at the intersection of technology and underserved markets. They have a preference for European founders (especially Spanish/French/UK) and founders with global ambitions. The firm also shows particular affinity for founders in insurance, fintech, climate, and healthcare with deep domain expertise. Geographic Focus Mundi invests approximately 80% in Europe (Spain, UK, France, Germany, Nordics), with growing allocations to LATAM (dedicated LatAm fund) and selective US investments. Kembara maintains a strong European focus to help European deep tech companies "stay European" while growing globally. LP Base & Governance Mundi is backed by significant institutional LPs including: European Investment Fund (€350M commitment in Kembara under European Tech Champions Initiative) European Investment Bank (EIB) Leading European insurance companies and mutual funds IDB Invest (LATAM fund) Member of ILPA, PRI (UN Principles for Responsible Investment), ESGVC, Spain Cap, France Invest