Santander partners VC firm Forgepoint for new cybersecurity investment company
Santander has teamed up with venture capital firm Forgepoint Capital to create a new management company that will invest in emerging cybersecurity companies across Europe and Latin America.
Santander to pour up to €300m into cybersecurity initiatives
The bank, which says cybersecurity is “critical” to its business, is expecting to invest up to €300 million in the strategic partnership across three initiatives: the forming of the aforementioned venture capital management company, Forgepoint Capital International (FPCI); Santander’s participation in Forgepoint’s next North American fund; and a programme for select co-investments.
FPCI intends to launch its first fund in 2023, which will be open to both institutional and private investors. Santander will act as the fund’s anchor investor, while Forgepoint, with its cybersecurity focus, will work alongside Santander to identify gaps in the market and investment opportunities.
Santander global chief information security officer (CISO) Daniel Barriuso says: “Investing in cybersecurity companies, technology and people is core to our mission to generate value and trust for society and help create a more secure ecosystem.”
Forgepoint Capital co-founder and managing director Alberto Yépez adds: “Just as cybercriminals operate globally, cybersecurity innovation knows no borders – the opportunities are boundless.”
