Banco Sabadell's digital venture vehicle InnoCells has contributed EUR7.5 million to a tech investment fund run by Cardumen Capital, giving the Spanish bank access to new technological breakthroughs emerging from Israel's thriving startup ecosystem.
Created in 2017 and regulated by the National Securities Market Commission, the Cardumen fund offers access to emerging technology on an international scale via the Israeli market.
With more than 5,000 startups operating out of Israel, InnoCells is looking to tap in to the expertise of firms working at the cutting edge of artificial intelligence and cybersecurity, among others.
InnoCells, which has been tasked with making deals that contribute new technology, talent and knowledge to Banco Sabadell, has become an active investors in the startup community. Over the past nine months, the group has acquired POS financing business Instant Credit, and led investment rounds in voice authentication startup Biometric Vox, and UK financial aggregation platform Bud.