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Institutional LPAllocates capital directlyLAST VERIFIED Oct 2026 · 4 SOURCES

Mutua Madrileña

Also known as Grupo Mutua, Grupo Mutua Madrileña, Mutua Madrileña Automovilista

Madrid mutual insurer, Spain's top general insurer in 2025; invests its balance sheet in alternatives and fund commitments, and in startups via Mutua Ventures; holds 50% of SegurCaixa Adeslas.

HEADQUARTERS
Madrid, Spain
FOUNDED
—
AUM
—
OUTSIDE CAPITAL
No — own capital only
TEAM LISTED
4 people

FOCUS

STAGES
Series A
SECTORS
Mobility & LogisticsHealthTechFintech
ASSET MIX
Venture capitalPrivate equityPrivate creditReal estateDirect investments
GEOGRAPHY
Spain

WHAT IT IS

Institutional LP. Pension funds, endowments, foundations and sovereign funds that commit capital to funds and, sometimes, directly.

  • Mutuactivos
    Group asset manager (SGIIC, founded 1985 to manage the insurer's assets), now also managing third-party funds, pension plans and portfolios; launched the Mutuafondo Global Ventures I FCR fund of funds in 2022
  • Mutua Ventures
    Corporate venture capital and venture builder of Grupo Mutua; direct Pre-A/Series A investments of €1–3M for 10–15% stakes in mobility, health, fintech and home startups

ABOUT

Mutua Madrileña heads Grupo Mutua, which in 2025 was Spain's leading general insurer, with €19.1B of consolidated assets, €7.9B of equity and a 50% controlling stake in SegurCaixa Adeslas. Its insurance balance sheet invests in unlisted assets (infrastructure, private equity, real estate, private debt and venture capital, per press), and it committed €10M to Mutuafondo Global Ventures I FCR, a venture fund of funds launched in 2022 by its asset manager Mutuactivos with Top Tier Capital Partners as adviser. Through Mutua Ventures it holds direct startup stakes, ten at the end of 2025, including Cabify, Ubikare, Mundimoto, Recomotor and Legit.Health.

INVESTMENT THESIS

Mutua Ventures invests in startups aligned with the group's strategic plans in mobility, health, fintech and home, at Pre-A or Series A with a proven model and product, with initial tickets of €1–3M for 10–15% stakes as a minority but relevant investor, targeting a portfolio of 25–30 companies. In unlisted assets it favours co-investments with specialised managers.

PORTFOLIO (11)

  • SegurCaixa Adeslas (50%)NOTABLE
  • Mutuafondo Global Ventures I FCR (fund of funds, Mutuactivos / Top Tier Capital Partners) — €10M commitmentNOTABLE
    since 2022
  • Cabify (via Mutua Ventures)NOTABLE
    Mobility & Logistics
  • Antai Venture Builder (via Mutua Ventures)
  • Ubikare (via Mutua Ventures)
    HealthTech
  • Mundimoto (via Mutua Ventures)
    Mobility & Logistics
  • V2C (via Mutua Ventures)
    Mobility & Logistics
  • Recomotor (via Mutua Ventures)
    Mobility & Logistics
  • Legit.Health (via Mutua Ventures)
    HealthTech
  • Service Club (via Mutua Ventures)
    Mobility & Logistics
  • MyTripleA (via Mutua Ventures)
    Fintech

TEAM

  • Ignacio Garralda Ruiz de Velasco
    Chairman · source
  • Javier Mira
    Director General, Grupo Mutua Madrileña · source
  • Tristán Pasqual del Pobil
    Deputy Director General, Asset Management Business (Negocio Patrimonial) · source
  • Antonio Morales
    Director of Unlisted Investments (Mutua Madrileña and Mutuactivos) · source

LINKS

FAQ

Mutua Madrileña is a institutional investor based in Madrid, Spain.

Yes. Mutua Madrileña invests directly in private companies. It also commits capital to third-party funds as an LP.

Mutua Madrileña invests at Series A stage in Mobility & Logistics, HealthTech and Fintech.

Mutua Madrileña's stated ticket size is €1M–€3M.

Key people at Mutua Madrileña include Ignacio Garralda Ruiz de Velasco (Chairman), Javier Mira (Director General, Grupo Mutua Madrileña), Tristán Pasqual del Pobil (Deputy Director General, Asset Management Business (Negocio Patrimonial)) and Antonio Morales (Director of Unlisted Investments (Mutua Madrileña and Mutuactivos)).

Mutua Madrileña's investments include SegurCaixa Adeslas (50%), Mutuafondo Global Ventures I FCR (fund of funds, Mutuactivos / Top Tier Capital Partners) — €10M commitment, Cabify (via Mutua Ventures), Antai Venture Builder (via Mutua Ventures), Ubikare (via Mutua Ventures), Mundimoto (via Mutua Ventures), V2C (via Mutua Ventures) and Recomotor (via Mutua Ventures), among others.

No. Mutua Madrileña invests its own capital and does not raise money from outside investors.