Mundi Ventures has completed the first close of its LatAm Fund I, a $100 million venture capital vehicle focused on backing technology companies expanding access to financial protection and healthcare solutions across Latin America and the Caribbean. The fund’s initial close was supported by BID Invest, COFIDES, and several regional insurance groups, giving it a strong institutional base from the outset. The move marks a significant step in Mundi’s effort to scale its presence in a region where digital adoption is rising quickly, but access to protection products remains limited.
A Fund Targeting Protection Gaps
LatAm Fund I will invest in early-growth companies operating in fintech, insurtech, healthtech, climate tech, and related sectors. Mundi Ventures said the strategy will prioritize AI-first and deep tech businesses building proprietary infrastructure, data-driven underwriting models, intelligent risk management systems, and next-generation embedded distribution channels. The firm believes these technologies are reshaping how protection products are designed, priced, and delivered at scale.
The investment thesis is rooted in what Mundi sees as a structural gap between the growth of digital financial and health services and the still-low penetration of protection solutions in Latin America. As more consumers and businesses adopt digital platforms, the need for accessible insurance, healthcare coverage, and related financial safeguards has become more visible. According to the firm, AI-native and embedded distribution models are demonstrating stronger adoption rates and more attractive unit economics than traditional channels.
Institutional Support and Industry Alignment
A distinguishing feature of the fund is its base of limited partners, which includes insurance companies and financial institutions alongside development and institutional backers. Mundi argues that this structure offers more than capital, bringing sector expertise, commercial insight, and a direct view into the innovation priorities of established industry players. That alignment could help portfolio companies develop products faster, navigate regulated markets, and build distribution partnerships with incumbents.
Rafaela Andrade, partner at Mundi Ventures, said Latin America is undergoing deep digital transformation while access to protection remains highly uneven. She said the next generation of market leaders is likely to integrate financial and health protection directly into everyday digital experiences rather than treating them as standalone products. In her view, the combination of sector specialization and a strategic LP base positions the firm to support founders building solutions that strengthen resilience for millions of people in the region.
Advisory Network and Regional Expertise
To reinforce the strategy, the fund has also brought in senior advisors Marcelo Blay and Sheynna Hakim, both of whom have extensive leadership experience in insurance and financial services in Latin America. Blay previously held senior roles at Porto Seguro and Itaú before founding and selling Minuto Seguros, while Hakim served in leadership positions at Itaú and most recently was CEO of BNP Paribas Brazil. Their addition is intended to strengthen Mundi’s ability to guide founders on operations, regional expansion, and long-term value creation.
Moises Sanchez, general partner at Mundi Ventures, said the two advisors add the operating depth and regional leadership needed to help build durable companies in Latin America. He said their experience enhances the firm’s ability to provide founders with strategic support, stronger industry connections, and practical insight into scaling businesses. That hands-on advisory element is expected to complement the fund’s financial backing and institutional relationships.
Strengthening a Global Investment Platform
The new Latin America-focused vehicle also expands Mundi Ventures’ broader global platform, which already spans Europe, the United States, and Asia. The firm’s international portfolio includes companies such as Bolttech, Descartes, Shift, Klarna, and Job&Talent, reflecting its interest in scalable technology businesses operating in complex sectors. In Latin America, Mundi has already backed companies including Raincoat, Sami, Betterfly, and Olé Life, all of which are tied to improving access to protection and wellbeing services.
Founded in 2015 and headquartered in Madrid, Mundi Ventures says it manages $1.7 billion in assets and has backed more than 70 technology companies globally. The firm operates as a thematic investment platform with a focus on sectors including climate tech, retail tech, insurtech, and fintech, supported by an international team of 25 people from 17 nationalities. Mundi also highlights the Latin America experience of founder Javier Santiso, whose academic and executive background has included work on emerging economies, the OECD Development Centre, and venture capital initiatives tied to the region.
With the first close of LatAm Fund I, Mundi Ventures is making a targeted bet on one of the region’s most persistent and commercially significant gaps. The firm is positioning the fund around startups that can embed financial and health protection into digital services at a time when adoption of those platforms is accelerating across Latin America and the Caribbean. Backed by institutional capital, industry partners, and senior advisors with regional expertise, the fund enters the market with a strategy built around both innovation and practical execution.