Wayra refocuses on direct start-up investment as CEO Andrés Saborido steps down

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Wayra, Telefónica's corporate venture arm, will focus on what venture arms mostly do: investing directly in start-ups. Andrés Saborido is leaving as CEO for personal reasons, staying on through a transition with Fernando Egido.

Begun in 2011 as an accelerator, Wayra has put over €260 million into 1,200 start-ups; 215 of its 520-plus active holdings work with Telefónica.