No. You won´t need to pay any fee to participate in the Mundi Lab program. Plus, its first phase is equity free, meaning you won´t have to give away any portion of your company´s equity in order to participate in it. The only costs that your company might have to bear are the ones related to the trip to Madrid and the accommodation costs during the 5 weeks of the Mundi Lab´s first phase.
You won´t have to give away any portion of your company´s equity in order to participate in the first phase of the Mundi Lab acceleration program. However, those companies moving to the second phase of the program will engage in a 12 months pilot program with Munich Re, which may be in exchange of a small portion of the company´s equity.
We are looking for early stage companies with innovating technological solutions and/or products that can be applied to the insurance or reinsurance industries both to make it more efficient and also to broaden the range of products that insurance companies offer to their customers. Eligible companies may come from the fields of data analytics, IoT, wearables, mobility, social media, etc.
The Mundi Lab program begins with a 5 weeks acceleration program specially designed to add significant value to the participating startups...providing they are able to attend all the activities comprised in it (from workshops to keynote speakers and tailored mentoring sessions). That´s why we need all the participating teams to be present during the 5 weeks acceleration period. We believe that you will also be able to greatly benefit from the networking opportunities offered during those 5 weeks, including those with our keynote speakers, other startups and industry experts that we will bring for you. However, of course, if you have any important meeting or issue during the 5 weeks, we will be flexible enough to accommodate your needs as well!
Mundi Lab will provide office space with Internet connectivity conveniently located in the heart of Madrid. Office space will be shared among startups from the same program batch to foster the right environment to exchange ideas and learn from each other.
Of course! International entrepreneurs are highly welcome to the Mundi Lab program. However, in order to set the right expectations, we do clarify that this program will be mainly focused on the Spanish and LATAM markets and that, therefore, we expect participating startups to be interested in entering those markets as well.
The goal of the Mundi Lab program is not to provide monetary investment to the participating startups but, instead, to help them in the go-to-market process by offering them the opportunity to participate in a pilot program with Munich Re.
We don’t discard applications just because they have a single founder, but it does make things more difficult. We look for great, balanced teams with a full range of skills.
You are free to choose the accommodation that most suits your needs. In addition, once your participation is confirmed, we can help you find accommodation in Madrid for the five weeks period, thanks to our collaboration agreements with student residences and apartments. However, all accommodation costs will have to be borne by your company.
The Mundi Lab selection committee (with members from both Mundi Ventures and Munich Re) will select those companies with the most interesting products and/or technological services that can be applied, directly or indirectly, to the insurance industry. The main goal is to select startups that will bring meaningful innovation to a wide range of areas within the insurance industry (from primary insurance to re-insurance, including all sorts of back office procedures).
We strongly recommend to apply to the Mundi Lab program if:
- you don’t want to miss the opportunity to be part of the first accelerator specialized in developing startups for the insurance industry;
- you want to get access to the insurance industry´s top networks, thought leaders and key decisions makers;
- you are willing to test at a small scale the technologies and solutions you have developed;
- you want to partner with the global leader in the reinsurance space with a client portfolio of 5.000 insurance companies all over the world;
- you want to expand your company´s activities in the Iberian and South American markets;
- your company needs one last push to achieve real traction