November 25, 2020

Telefónica creates its own fund to invest in cybersecurity


Madrid

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Within the new strategy that the Spanish telecom company has been developing since the end of last year, focusing on its priority markets (Spain, United Kingdom, Germany and Brazil) and creating new divisions such as Telefónica Infra or Telefónica Tech, the operator run by Alvarez- Pallete it has also set its eyes on cybersecurity. Area in which it has Eleven Paths and in which it has already starred in operations such as the acquisitions of the Govertis consultancy – already integrated into ElevenPaths – and of iHackLabs, a company specialized in training professionals in cybersecurity. This Thursday the Spanish telco announced the creation of its own investment fund: Telefónica Tech Ventures.

This new investment vehicle was created with the aim of detecting the most disruptive innovation and, as a starting point, starts with a portfolio of nine cybersecurity companies selected investments from Wayra (the business accelerator of the Spanish multinational) and from Telefónica Innovation Ventures (TIV), the operator’s venture capital. With the foresight of investing in up to 15 startups over the next three years, complementing ElevenPaths services.

The new fund will focus on starups in areas such as cloud security, data protection or the application of artificial intelligence in the defense of organizations or assets. Investments will have a ticket of up to 6 millions of euros and will focus on the four priority markets for telecom, such as Spain, Germany, United Kingdom and Brazil. In addition to looking at other destinations, relevant at a technological level, such as United States and Israel.

In this regard, the CEO of Eleven Paths Pedro Pablo Pérez explained that “this vehicle will allow us to detect early new collaboration opportunities with disruptive startups and add their capabilities to the innovation capabilities of ElevenPaths ”.

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