Santander has formed a partnership with Forgepoint Capital to create a new cybersecurity fund.

The bank and venture capital firm will create Forgepoint Capital International (FPCI), a new venture capital management company to invest in cybersecurity startups in Europe, Latin America and Israel.

Santander will also take part in Forgepoint’s next North American fund and other investment projects. Santander estimates it will invest around €300 million in the collaboration.

FPCI aims to launch its first fund in 2023 for institutional and private investors with Santander acting as the fund’s anchor investor. The fund will seek out gaps in the market and invest in the growth of companies who are solving global business challenges.

“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,” said Banco Santander global chief information security officer (CISO), Daniel Barriuso. “We’re thrilled about the partnership through this alliance and the formation of Forgepoint Capital International.”

Commenting on the news Alberto Yépez, co-founder and managing director of Forepoint Capital, said: “Just as cybercriminals operate globally, cybersecurity innovation knows no borders – the opportunities are boundless.”

He added: “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 honoured and excited to partner with Santander to invest in and develop the most promising cybersecurity companies globally, to help ensure prosperity and economic growth.”

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