Argentinian ICMIF member Sancor Seguros has launched a corporate venture capital fund to invest in insurtech, fintech and healthtech in Latin America.
The new venture fund, Sancor Seguros Ventures, will invest USD 10 million in tickets of up to USD 500,000 in a portfolio of 12 startups, mainly in Latin America, covering global needs that also generate value for the businesses and value chain within the cooperative insurance group. The focus will be on start-ups that make intensive use of exponential technologies such as artificial intelligence, big data, blockchain and the internet of things.
“This is a new sign that we are in favour of investing in the real economy and that we are truly committed to being a major player in the Argentine entrepreneurial ecosystem. In 2013, we launched the Centre for Technological, Entrepreneurial and Social Innovation (CITES) – a centre for the development of new technologies, products and markets. CITES was the first technology incubator in Latin America focused on and specialised in developing high-tech, complex, disruptive, high-impact start-ups with global reach. Since the launch, we have been driving the knowledge economy and strengthening the technological, economic, and social development of the region and the country,” said Alejandro Simón, CEO of the Sancor Seguros Group.
“We are deeply convinced of the role that private capital plays in generating real growth opportunities for new talent in our region; with this new corporate initiative, we want to continue generating new spaces for collaboration, networking, and capital,” Simón concluded.
The cooperative insurance group is now putting together a specialised team that will be exclusively dedicated to managing this fund and developing business opportunities.