Madrid, 19 October 2022 — 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, announced today 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 startups 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 specialized in other types of additional financing to the bank’s traditional activities, such as private equity, growth capital and venture capital.
Santander considers cybersecurity critical to its purpose to help people and businesses prosper. In the words of Banco Santander Global Chief Information Security Officer (CISO), Daniel Barriuso, “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. We’re thrilled about the partnership through this alliance and the formation of Forgepoint Capital International.”
“Just as cybercriminals operate globally, cybersecurity innovation knows no borders – the opportunities are boundless,” said Forgepoint Capital Co-founder and Managing Director Alberto Yépez. “This expansion marks the next logical step in Forgepoint’s evolution as the leading venture capital platform investing in cybersecurity and infrastructure software. We are honored and excited to partner with Santander to invest in and develop the most promising cybersecurity companies globally, to help ensure prosperity and economic growth.”
Source: www.darkreading.com