New Investment Manager appointed at Santander InnoVentures
Santander has appointed Tee Pruitt as investment manager of Santander’s pioneering InnoVentures Fund, which was established in July 2014 to provide up to USD100m venture capital investment to fintech companies worldwide.
Tee joins Santander with previous venture capital experience from C5 Capital, where he was a Principal on the cyber security focussed fund, and Octopus Ventures, where he was an associate on the generalist tech fund.
He has also led and supported early and growth stage venture investments into security, fintech, mobile, and eCommerce start-ups. Previously, Tee founded his own company and worked for Citigroup as a consultant to entrepreneurs and SMEs.
InnoVentures is based in London but has a global remit, and builds on the bank’s philosophy of collaboration and partnership with small and start-up companies. The Fund provides fintech companies with much needed capital, as well as supporting the digital revolution to ensure Santander’s customers worldwide benefit from the latest know-how and innovations across the banking Group’s geographies.
Mariano Belinky, Managing Director, InnoVentures, said: “Tee brings a wealth of expertise to Santander and joins us at this pivotal time as InnoVentures is rapidly establishing a growing number of very attractive hot prospects in the fintech sector. Some of the entrepreneurial ideas we’ve seen are really very exciting and we’re currently assessing these with a view to a first round of investments in the near future.”
Tee Pruitt added: “Fintech is one of the most innovative and fast-moving investment sectors out there right now, and Santander is leading the charge in this area. We’ve been talking to some great companies and I’m really excited to be working with the InnoVentures team to start making investments into these businesses.”
According to the 2014 Accenture report ‘The Boom in Global Fintech Investment: A new growth opportunity for London’, two-thirds of fintech financing in Europe originates in the UK.