Banco Santander and venture capital firm Forgepoint Capital have partnered to form an alliance designed to drive cybersecurity investment and innovation globally.
The alliance is based upon three initiatives: 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; Santander’s participation in Forgepoint’s next North American fund, its third since its founding in 2015, and a programme for select co-investments.
Santander said that together, these three initiatives could reach an investment by Santander of up to €300m.
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.
Santander said itt considers cybersecurity critical to its purpose to help people and businesses prosper.
Daniel Barriuso, Banco Santander global chief information security officer (CISO), said, “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.”
Alberto Yépez, co-founder and managing director Forgepoint Capital, said, “Just as cybercriminals operate globally, cybersecurity innovation knows no borders – the opportunities are boundless. 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.”
Netherlands-based cybersecurity company Guardey recently raised €2.2m in a fresh round of funding.
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