Telefonica partnered with a Spanish venture capital company to launch a fund seeking to raise between €150 million and €250 million to target start-ups developing disruptive and transformative technology including 5G, IoT and AI.
In a statement, the operator explained it planned to pour up to €70 million into the Leadwind fund, which was co-created with K Fund to support companies located in southern Europe and Latin America.
Leadwind will back technology start-ups focused on providing technologies enabling new business models combining AI, 5G, edge computing, IoT, blockchain and data analytics.
Telefonica will also provide its “technology and market knowledge”, alongside its global network and ecosystem relationships, to support creation of technology for sectors including cybersecurity, Industry 4.0, energy, e-health, fintech and mobility.
Chema Alonso, Telefonica chief digital officer, believes the Leadwind fund will play a key role in the company’s goal to “have the best relationship interface” with technology start-ups.
He added Telefonica aimed to “create global champions” and would bring its experience of other funds Amerigo and Telefonica Ventures to the latest effort.Subscribe to our daily newsletter Back