Allianz boosts Allianz X digital investment fund to €1bn after 'pleasing' performance
German-based Allianz Group has increased the size of its digital investment unit Allianz X, making it one of the largest corporate venture funds in Europe.
Allianz X was launched in 2016 with an initial €430 million investment. The group has now increased its fund size to €1 billion.
The insurer said the increase is the result of Allianz X’s investment track record, successful collaborations with growth companies as well as the contribution towards the group’s overall digital transformation strategy.
The funds will be used to make additional direct investments in digital companies globally that are strategically relevant for the Allianz Group.
Allianz X has so far made more than 15 direct investments in digital businesses related to insurance around the world. It invested $96.6 million in leading microinsurer BIMA that utilizes mobile technology to serve low-income customers in Africa, Asia and Latin America.
Additionally, Allianz X invested $30 million in Kansas City-headquartered working capital marketplace C2FO in February 2018 and $35 million in leading Southeast Asian mobile platform Go-Jek in April 2018.
The digital investment unit also participated in N26’s Series D funding round after co-leading N26’s $160 million Series C round last year.
“We are very pleased with the progress Allianz X has made thus far and are committed to further invest and develop the next generation of digital growth companies related to Allianz’s core business,” said Iván de la Sota, chief business transformation officer of Allianz SE. "Our digitalization approach is multifaceted; Allianz X is a valuable addition - not only in meeting the changing expectations of our customers."
In addition to committing capital to promising tech companies, Allianz X focuses on developing strategic partnerships between the portfolio company and one or more Allianz operating entities or global business lines, leveraging expertise on both sides.
Nazim Cetin, CEO of Allianz X, commented: “Since shifting our strategy, we have built a great portfolio in which many companies have already developed successful partnerships with Allianz’s business units. We are very excited about raising our investment budget to €1 billion and will use the funds entrusted to us to both strengthen our portfolio and build strong, global platforms that create new businesses for Allianz.”
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