Banco Sabadell invests in startup venture builder Antai

Banco Sabadell invests in startup venture builder Antai

Spanish insurance outfit Mutua Madrileña and Banco Sabadell's innovation hub InnoCells have each invested EUR5 million in local venture builder Antai, to contribute to the development of new digital businesses in the fintech and insurtech sectors.

Founded in 2012 by Miguel Vicente and Gerard Olivé, Antai currently holds an interest in 17 startups, including well-known ventures such as classified ads marketplace Wallapop and on-demand delivery app Glovo.

The new funding, which includes an additional EUR10 million top up from several family offices as well as the company’s founders, and the financial services expertise on offer from Madrileña and Sabadell, will position the company to move into the hot fintech sector.

Vicente and Olivé state: “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."

Rather than boosting existing startups, the collaboration will get the InnoCells team in on the ground floor of the creation of entirely new companies.

Julio Martínez, executive director of InnoCells, says: “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. 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."

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