Banco Sabadell’s hub chasing innovation in Israel with €7.5m investment
Banco Sabadell’s business innovation hub InnoCells has invested €7.5 million in tech start-up fund Cardumen Capital.
The fund was founded in 2017 and is regulated by the National Securities Market Commission (CNMV), and its aim is to open doors to innovative tech solutions in Israel.
Igor de la Sota and Gonzalo Martínez de Azagra, Cardumen co-founders, point out that Israel is a strategically critical geography due to its advances in digital transformation.
With this investment, InnoCells, and thus the parent bank, makes its entry into Israel, with the aims to identify early-stage tech firms with eyes on the financial market, including cybersecurity and artificial intelligence (AI).
According to the bank, Israel spends around 4.2% of its GDP in tech R&D, with over 5,000 start-ups.
Back in 2017, InnoCells co-led a £1.5 million investment of seed capital in Bud, the UK platform. In February, the hub led a €1 million investment in voice biometric start-up Biometric Vox.
More recently, in June, InnoCells acquired Instant Credit
, which offers real-time financial products at online and physical retail sites.