Allianz X, the digital investment unit of the Allianz Group, received additional investment from Allianz SE, increasing its fund size to €1 billion.
The funds will be used to make additional direct investments in digital companies globally that are strategically relevant for the Allianz Group.
To date, Allianz X – led by Dr. Nazim Cetin, CEO – has made more than 15 direct investments in digital businesses related to insurance around the world. The fund invested:
– $96.6m in microinsurer BIMA, which uses mobile technology to serve low-income customers in Africa, Asia and Latin America;
– $30m in Kansas City-headquartered working capital marketplace C2FO,
– $35m in Southeast Asian mobile platform Go-Jek, and
– participated in N26’s Series D funding round.
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.
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. Furthermore, working capital marketplace C2FO launched a single-invoice credit insurance product together with Euler Hermes. Each investment has a dedicated team that assists the company with joint corporate development initiatives and implements them alongside the Allianz business units.