Allianz X, a digital investment fund owned by the Allianz Group, announced on Wednesday that it has received more funding from Allianz SE. Also a subsidiary of the Allianz Group, Allianz SE is an asset manager and insurer based in Germany.
“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.”
The increase in funding means that Allianz X now has 1 billion euros ($1.13 billion) to invest, making the company one of the largest digital-only venture capital funds in Europe.
Focus on insurance and asset management
In keeping with Allianz SE’s activities, the fund has focused its investment efforts on the insurance and asset management sectors.
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For instance, in December of 2017, Allianz X announced that it was investing just under $100 million in BIMA. Based in Stockholm, the company provides microloans to clients in Africa, Asia, and Latin America.
Allianz X also invested $30 million in working capital marketplace C2FO and, more unusually given its relationship with Allianz SE, $35 million in the Indonesia ride-hailing and logistics application Go-Jek.
On top of handing cash over to those companies, the venture capital fund is able to establish partnerships between them and other Allianz businesses.
For example, Go-Jek has a partnership in place with Allianz Indonesia in which the application’s customers and drivers are offered Allianz insurance products and services.
“Since shifting our strategy, we have built a great portfolio in which many companies have already developed successful partnerships with Allianz’s business units,” says 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.