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Company name

Mundi Ventures - LATAM Insurtech Fund

Project number

14995-01

FI-2 operations are those where the risk potential is considered medium: the FI’s current or future portfolio consists of or is expected to consist of, business activities that have potential limited adverse environmental or social risks or impacts that are few in number, generally site-specific, largely reversible, and readily addressed through mitigation measures; or includes a very limited number of business activities with potential adverse environmental or social risks or impacts that are diverse, irreversible, or unprecedented.

E&S category
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FI-2

Country

Regional

Sector

Investment Funds

Status

Proposed

Disclosed date

07/08/2024

Projected date at which a project will be put forward for the Board of Executive Directors’ approval.

Projected board date
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09/05/2024

Approval date

08/21/2024

Signed date

11/28/2024

Sponsoring entity

N/A

Investment Operations Department Contact

Portfolio Management Division

Investment type

Syndicated amount

N/A

Financing amount

USD $ 5,000,000

Currency

USD

Project scope and objective

IDB Invest is proposing an equity investment of up to US$5 million in Mundi Insurtech Latam I, (the “Fund”), an investment fund focused on insurtech (insurance technology) providers throughout Latin America and the Caribbean (“LAC”). 

The region’s low insurance penetration is a result of lagging investment in this sector, which exacerbates inequality and restricts economic growth; insurtech can help close the large protection gap and promote financial inclusion. Underlying sectors include health and agriculture, insuring against climate and other risks, and Small and Medium-Sized Enterprises (“SMEs”) are expected to be the principal off-takers.

The Fund has a US$100 million target and will be managed by Alma Mundi Ventures (“Mundi Ventures” or the “Fund Manager”), an experienced global fund manager with prior experience in LAC. 

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Learn more about how we provide private-sector solutions in the region .

Environmental and social review

IDB Invest conducts an environmental and social due diligence (ESDD) commensurate with the nature, scale, and stage of the project, and with its level of environmental and social risks and impacts. The ESDD will confirm the project E&S categorization and assess the project with respect to the client requirements in IDB Invest Environmental and Social Sustainability Policy. The results of the ESDD, including any identified gaps are described in the Environmental and Social Review Summary (ESRS) provided below. For projects approved as of 2016, any gaps with respect to IDB Invest's Environmental and Social Sustainability Policy at the time of the ESDD are addressed in the Environmental and Social Action Plan (ESAP) presented below, to comply with the date mentioned above.

MUNDI VENTURES. - LATAM INSURTECH FUND -14995-01- RG - ENVIRONMENTAL AND SOCIAL REVIEW ESRS

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For inquiries, comments and information requests about the project

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Learn more about how we provide private-sector solutions in the region .

Contact information

For inquiries, comments and information requests about the project

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Alternatively, you may also use the following contact information :

Client Contact

EMAIL

moises@mundiventures.com

PHONE NUMBER

+34 678 44 2665

POST OFFICE ADDRESS

Paseo de Eduardo Dato, 18 Planta Baja - 28010 Madrid, Spain

IDB Invest Contact

EMAIL

requestinformation@idbinvest.org

PHONE

+1(202)-566-4566

ADDRESS

1350 New York Ave NW, Washington, DC 20005

For inquiries, comments and information requests about the project

Request information

Learn more about how we provide private-sector solutions in the region .