Allianz X boosts fund size to €1bn for insurtech action
Allianz X has increased its fund size to a mighty €1 billion as it puts the feelers out for digital companies related to insurance and asset management
The firm, which is the digital investment unit of the Allianz Group, says 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”.
To date, Allianz X has made more than 15 direct investments
Iván de la Sota, chief business transformation officer of Allianz SE, comments: “Our digitalisation approach is multifaceted; Allianz X is a valuable addition – not only in meeting the changing expectations of our customers.”
To date, Allianz X has made more than 15 direct investments in digital businesses related to insurance around the world.
It invested $96.6 million in microinsurer BIMA that uses mobile technology for 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 Southeast Asian mobile platform Go-Jek in April 2018.
Recently, Allianz X participated in N26’s Series D funding round after co-leading N26’s $160 million Series C round last year.
In addition to committing capital, Allianz X focuses on developing partnerships between the portfolio company and one or more Allianz operating entities or global business lines.
For example, Go-Jek has a partnership in place with Allianz Indonesia in which Go-Jek customers and drivers are offered Allianz insurance products and services.
Similarly, Allianz Ghana issued a product in which BIMA’s customers receive digital insurance offerings underwritten by Allianz.
