Funding increase for Allianz X
In a move which excels it to the forefront of European corporate-backed venture capital funds, European insurer Allianz SE has announced additional investment in its tech investment fund Allianz X, increasing the size of the fund to €1 billion.
Since launching in 2016, Allianz X has made more than 15 direct investments in digital businesses related to insurance around the world, including Go-Jek, the Indonesian ride-hailing firm; German mobile bank N26; and US insurance startup Lemonade. The increase in funding is accredited to Allianz X’s investment track record, successful collaborations with growth companies and contribution towards Allianz Group’s overall digital transformation strategy. The funds will be used to make additional investments in digital companies around the world where the Group believes them to be ‘strategically relevant’.
“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 digitalisation approach is multifaceted; Allianz X is a valuable addition – not only in meeting the changing expectations of our customers.”
Allianz X invests in ‘promising tech companies’ and focuses on developing strategic partnerships between the company in question and one or more Allianz operating entities or global business lines, leveraging expertise on both sides.
“Since shifting our strategy, we have built a great portfolio in which many companies have already developed successful partnerships with Allianz’s business units,” said Dr Nazim Cetin, CEO of Allianz X. “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.”