Key Takeaways
- • Mouro Capital closed its third fund at $400 million, fully backed by Banco Santander, bringing total commitments across all funds to over $1 billion for the first time.
- • The new fund represents Banco Santander's doubled commitment to fintech venture investing, with Mouro Capital succeeding the bank's previous Santander Innoventures vehicle.
- • Fund III targets AI-native financial services, blockchain infrastructure, DeFi, stablecoins, and blockchain-based AI applications, with seven initial investments already deployed including ElevenLabs and Sakana AI.
- • Mouro Capital plans to deploy capital across 30–35 portfolio companies from Fund III, with initial check sizes ranging from $8–12 million, and follow-on commitments up to $70 million, maintaining a 66% follow-on rate across portfolio.
- • The London-based firm, led by general partners Manuel Silva Martínez and Christopher Gottschalk, operates across Europe, North America, and Latin America with offices in London, Madrid, and San Francisco.
Summary
Mouro Capital, Banco Santander's fintech venture capital arm, has closed its third fund at $400 million in a fully backstopped raise from its longstanding strategic partner. The close brings the firm's total investment commitments across all funds to over $1 billion, marking a significant milestone for the venture platform and signaling Santander's continued commitment to fintech innovation at scale.
The new fund represents a structural evolution of Banco Santander's venture capital strategy. Mouro Capital succeeds Santander Innoventures as the bank's dedicated fintech VC vehicle, with Banco Santander doubling its commitment to the new entity. This consolidated structure consolidates the bank's venture investments under a single, independent-operating management team while maintaining Santander as the primary limited partner and strategic backer.
Strategically, Fund III targets emerging categories within financial technology and blockchain infrastructure. The fund's investment thesis emphasizes AI-native financial services, decentralized finance (DeFi), stablecoins, and blockchain-based artificial intelligence applications. The firm has already deployed capital to seven companies from the new fund, including notable investments in ElevenLabs and Sakana AI, reflecting the dual focus on AI infrastructure and fintech convergence.
Founded in 2015 and led by general partners Manuel Silva Martínez and Christopher Gottschalk, Mouro Capital invests across the seed-to-Series C spectrum in companies combining financial services and technology. The firm operates a disciplined investment approach, targeting 30–35 portfolio companies from Fund III with initial check sizes of $8–12 million and follow-on capacity reaching $70 million. Notably, the firm maintains a 66% follow-on rate, underscoring its strategy of sustained engagement with entrepreneurs throughout growth phases. Mouro operates offices in London, Madrid, and San Francisco, covering Europe, North America, and Latin America. According to Silva Martínez, the firm prioritizes establishing long-term relationships with founders ahead of formal investments and has historically demonstrated capital discipline, including reduced deployment during the 2020–21 valuation peak.
The new fund represents a structural evolution of Banco Santander's venture capital strategy. Mouro Capital succeeds Santander Innoventures as the bank's dedicated fintech VC vehicle, with Banco Santander doubling its commitment to the new entity. This consolidated structure consolidates the bank's venture investments under a single, independent-operating management team while maintaining Santander as the primary limited partner and strategic backer.
Strategically, Fund III targets emerging categories within financial technology and blockchain infrastructure. The fund's investment thesis emphasizes AI-native financial services, decentralized finance (DeFi), stablecoins, and blockchain-based artificial intelligence applications. The firm has already deployed capital to seven companies from the new fund, including notable investments in ElevenLabs and Sakana AI, reflecting the dual focus on AI infrastructure and fintech convergence.
Founded in 2015 and led by general partners Manuel Silva Martínez and Christopher Gottschalk, Mouro Capital invests across the seed-to-Series C spectrum in companies combining financial services and technology. The firm operates a disciplined investment approach, targeting 30–35 portfolio companies from Fund III with initial check sizes of $8–12 million and follow-on capacity reaching $70 million. Notably, the firm maintains a 66% follow-on rate, underscoring its strategy of sustained engagement with entrepreneurs throughout growth phases. Mouro operates offices in London, Madrid, and San Francisco, covering Europe, North America, and Latin America. According to Silva Martínez, the firm prioritizes establishing long-term relationships with founders ahead of formal investments and has historically demonstrated capital discipline, including reduced deployment during the 2020–21 valuation peak.
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