Sabadell’s InnoCells invests $10m in Base10
InnoCells, the digital business hub of Banco Sabadell, has invested $10 million in the fund Base10, specialised in technological investments, with start-ups in its portfolio like Ethos Lending, Reflektive, and Wonolo.
Base10 was founded in San Francisco in 2017 under the name Urizen Ventures, with a goal size of $200 million.
This investment fund aims to support entrepreneurs transforming the economic sectors through automation and intelligent software.
The fund was founded by Adeyemi Ajao, co-founder of Tuenti and Cabify, and Thomas Nahigian, cofounder of Jobr and investor at Accel Partners.
In Spain, the fund will be managed by Arcano Capital, while Banco Sabadell will take part in the corporative programme of the fund. This is Sabadell’s entry into Silicon Valley.
InnoCells majorly takes minority investments in those businesses accelerating new digital business models, as well as enhancing core capabilities and reducing time to market.
In 2017, InnoCells co-led a £1.5 million seed investment round on the UK-based platform Bud.
In February this year, it led a £1 million investment round in voice biometrics firm Biometric Vox.
In June this year, Instant Credit was acquired by Sabadell’s investment branch.