Banco Santander, one of the largest banks in the world with over 157 million customers and Forgepoint Capital, one of the world’s leading venture capital firms focused on cybersecurity, have announced a strategic alliance to drive cybersecurity investment and innovation globally.
The alliance is based upon three initiatives: (i) the creation of Forgepoint Capital International (FPCI), a new venture capital management company to invest in cybersecurity start-ups mainly in Europe, Latin America and Israel, (ii) Santander’s participation in Forgepoint’s next North American fund, its third since its founding in 2015 and (iii) a program for select co-investments. Altogether, these three initiatives could reach an investment by Santander of up to €300 million.
FPCI’s goal is to launch a first fund in 2023 that will be open to incorporating both institutional and private investors and where Santander is expected to act as the fund’s anchor investor. Together Santander, Forgepoint and FPCI will identify market gaps and investment opportunities in high-potential geographies, then accelerate the growth and development of portfolio companies as they solve global business challenges.
The creation of FPCI follows the bank’s strategy to strengthen its Investment Platforms Unit. Led by Nathan Bostock and Javier García-Carranza, this unit already encompasses investment platforms specialised in other types of additional financing to the bank’s traditional activities, such as private equity, growth capital and venture capital.
