Mundi Ventures Closes $100M First Close on LatAm Fund I to Rewire Insurance Across Latin America
TL;DR
Madrid-based Mundi Ventures has closed $100 million on its first Latin America-dedicated fund, LatAm Fund I, anchored by IDB Invest and COFIDES alongside leading regional insurance groups. The fund targets early-growth fintech, insurtech, healthtech, and climate companies building AI-native infrastructure to expand access to financial and health protection across Latin America and the Caribbean. This is Mundi's second major fund announcement in 2026, following the EUR 750 million first close on its Kembara deep-tech fund, and signals the firm's aggressive geographic expansion from its European roots into the region with the largest insurance protection gap on the planet.
Key Takeaways
IDB Invest as anchor LP is a strategic masterstroke. IDB Invest is the private sector arm of the Inter-American Development Bank, and its commitment to LatAm Fund I is not just capital, it is an institutional endorsement of Mundi's thesis that technology can close Latin America's insurance penetration gap. IDB Invest brings regulatory relationships, market intelligence, and co-investment capabilities across every major Latin American market. For portfolio companies, having IDB Invest on the cap table through their VC fund means doors open that would otherwise take years to unlock.
The insurance protection gap in LatAm is a trillion-dollar problem. Insurance penetration in Latin America averages roughly 3% of GDP compared to 9% in developed markets. That gap represents hundreds of billions in unprotected risk across health, property, agriculture, and climate. The companies that build the AI-native underwriting, embedded distribution, and digital-first claims infrastructure to close that gap will capture enormous value. Mundi is betting that the winners will look more like AI companies than traditional insurers.
Mundi's global insurtech track record gives it an unfair advantage. Through its European funds, Mundi has already backed category-defining insurtech companies including Bolttech, Descartes, Shift, and Betterfly. That global portfolio gives the LatAm fund access to proven business models, technology playbooks, and cross-border partnership opportunities that a first-time LatAm fund would take years to develop. Portfolio companies in LatAm Fund I can learn directly from Bolttech's embedded insurance platform or Shift's AI claims detection, accelerating their path to scale.
Two $100M+ closes in 2026 makes Mundi one of Europe's fastest-scaling VCs. Between the EUR 750 million Kembara deep-tech fund and now the $100 million LatAm Fund I, Mundi Ventures has raised nearly $1 billion in new commitments this year alone. That pace of institutional fundraising signals deep LP conviction in the Mundi platform and its ability to deploy capital across multiple geographies and thesis areas simultaneously.
Why This Fund Matters
Latin America is the most underserved major insurance market in the world. Roughly 70% of the region's population lacks meaningful financial protection against health emergencies, natural disasters, or economic shocks. Traditional insurers have failed to reach this population because their distribution models depend on physical branches, paper-based underwriting, and products designed for affluent urban consumers. The opportunity is for technology companies to build the infrastructure that makes insurance accessible, affordable, and relevant for the other 70%.
Mundi Ventures is uniquely positioned to capture this opportunity because it has already invested in the global winners in insurtech infrastructure. Bolttech, now one of the world's largest embedded insurance platforms, provides a template for how distribution can be reimagined through digital channels. Shift's AI-powered claims detection shows how underwriting economics can be transformed. Betterfly, which Mundi backed in its Latin American expansion, demonstrates that the models work in the region.
The COFIDES participation adds a European development finance angle, connecting Latin American portfolio companies to European institutional capital and cross-border partnerships. Combined with IDB Invest's hemispheric network, the LP base gives Mundi's portfolio companies access to an institutional ecosystem that spans from Madrid to Sao Paulo to Mexico City.
The Team
Moises Sanchez serves as General Partner for the LatAm Fund, bringing deep experience in Latin American venture investing. Rafaela Andrade is a Partner on the fund, contributing regional market expertise and deal sourcing capabilities across the continent. The team is supported by senior advisors including Marcelo Blay, a former Porto Seguro and Itau executive who founded and exited an insurtech company, and Sheynna Hakim, former CEO of Itau and BNP Paribas Brasil. These advisors bring decades of operating experience in the exact industries and markets the fund targets.
Early Portfolio
Mundi's Latin American portfolio already includes Raincoat, which provides parametric insurance products that pay out automatically based on weather events; Sami, a technology-driven health insurance platform in Brazil; Betterfly, a benefits and insurance platform that has scaled across multiple Latin American markets; and Ole Life, a digital life insurance platform. These investments were made through earlier Mundi vehicles and will serve as the foundation portfolio that LatAm Fund I builds upon with new early-growth investments.
What This Means for Founders
If you are building fintech, insurtech, healthtech, or climate technology in Latin America and you are at the early-growth stage, Mundi Ventures should be a priority investor to engage. The combination of the IDB Invest relationship, the global insurtech portfolio network, and the European institutional LP base means you are getting a partner that can help you scale across borders, navigate regulation in multiple jurisdictions, and access follow-on capital from institutional sources that most LatAm-focused VCs cannot reach.
Founders building AI-native underwriting, embedded distribution, or digital claims infrastructure should be particularly interested. Mundi's thesis is specifically oriented toward companies using AI to solve the structural challenges that have prevented traditional insurers from reaching Latin America's unprotected majority. If your product makes insurance accessible to people who have never had it before, this is your fund.
Fund Momentum Take
Mundi Ventures' LatAm Fund I is a smart geographic expansion by a firm that has already proven its insurtech thesis globally. The IDB Invest anchor gives the fund institutional credibility and market access that would take a first-time LatAm manager years to build, and the existing portfolio of Raincoat, Sami, Betterfly, and Ole Life provides a beachhead of regional knowledge and deal flow.
The risk is execution complexity. Managing a $100 million LatAm fund from Madrid while simultaneously deploying a EUR 750 million European deep-tech fund requires significant organizational bandwidth. Latin American markets each have distinct regulatory, currency, and competitive dynamics, and the question is whether Mundi can build the local presence and operational infrastructure needed to support early-growth companies across a continent. The senior advisory team of Blay and Hakim helps, but advisors are not the same as full-time partners on the ground.
Our bet: the LatAm insurance protection gap is one of the most compelling venture opportunities in emerging markets, and Mundi has the thesis, the track record, and the institutional backing to capture it. The $100 million first close is a strong signal, and if the fund can deploy with the same discipline that characterized Mundi's European investments, the returns should be compelling.
Frequently Asked Questions
What is Mundi Ventures LatAm Fund I?
It is a $100 million venture capital fund focused on early-growth fintech, insurtech, healthtech, and climate companies in Latin America and the Caribbean, managed by Madrid-based Mundi Ventures.
Who are the anchor investors?
IDB Invest (the private sector arm of the Inter-American Development Bank) and COFIDES (a Spanish development finance institution) are the anchor LPs, alongside leading regional insurance groups.
Is this the same as Mundi Ventures' Kembara fund?
No. LatAm Fund I is a separate, geographically focused vehicle targeting Latin American insurtech and fintech. The EUR 750 million Kembara fund is focused on European deep tech and climate. Both are managed by Mundi Ventures but have different teams, geographies, and theses.
What companies has Mundi Ventures backed in Latin America?
Notable Latin American portfolio companies include Raincoat (parametric insurance), Sami (health insurance platform, Brazil), Betterfly (benefits and insurance), and Ole Life (digital life insurance).
What is the insurance protection gap in Latin America?
Insurance penetration in Latin America averages roughly 3% of GDP versus 9% in developed markets. Approximately 70% of the population lacks meaningful financial protection, creating a massive market opportunity for technology-driven insurance solutions.
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