Allianz X, the digital investment subsidiary of insurance group Allianz, has invested €11.5m ($13.4m) in Abracar, the Germany-based operator of an online marketplace for used vehicles, Tech.eu has reported.
Abracar was incubated in Allianz X in 2016 before becoming the first company to be spun out by the unit in February 2017. It manages all aspects of the vehicle selling process, including compiling ads, taking photographs, quality assessment and processing payments.
The company does not charge flat fees, instead taking a 4% commission on the sale proceeds. The funding will support an expansion into the French and Austrian markets.
Allianz X CEO Nazim Cetin said: “Abracar is an excellent example of how we at Allianz X are promoting young digital companies that overlap with our traditional core business. We are very excited about the development of Abracar and would now like to take the next step together.”