Allianz X, the Munich-based insurer's digital investment unit, is receiving additional funding from its parent company and increasing its startup fund to 1 billion euros.
The funds will be used for additional direct investments in digital companies worldwide. Measured by fund size, Allianz X claims to be one of Europe's largest digital investment firms. To date, the startup unit has made more than 15 direct investments in digital insurance companies, including $96.6 million in microinsurer BIMA, $30 million in the Kansas City-headquartered platform C2FO, and $35 million in the Southeast Asian mobility platform Go-Jek.
“We are very pleased with the development and progress of Allianz X and will continue to invest in and develop the next generation of digital growth companies that are linked to Allianz’s core business,”
says Ivan de la Sota, Chief Business Transformation Officer of Allianz.
"Our approach to digitalization is multifaceted; Allianz X is a valuable addition—not least in meeting the changing expectations of our customers."
Allianz X mediates between portfolio startups and parent company
In addition to providing capital, the company focuses on developing strategic partnerships between Allianz portfolio companies and business units.
“Since re-aligning our strategy, we have built a great portfolio of numerous companies that have already created successful partnerships with the individual Allianz business units,”
so Nazim Cetin, CEO of Allianz X.
"We are very pleased to be increasing our investment budget to one billion euros and will use the funds entrusted to us both to advance our existing portfolio and to build strong global platforms that open up new business areas for Allianz."
