Germany-based insurance and asset management group Allianz increased the capital available to Allianz X, the digital investment vehicle it formed in 2013, from €430m to €1bn ($1.13bn) today.
Allianz X targets growth-stage companies developing digital technologies relevant to its parent’s business, covering areas such as mobility, wealth management, cybersecurity, data analytics, connected property and health products.
The firm said it has allocated more capital to Allianz X as a reflection of the unit’s success in its investments and partnerships as well as its importance to Allianz’s digital transformation plan.
Iván de la Sota, Allianz’s chief business transformation officer, said: “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.
“Our digitalisation approach is multifaceted; Allianz X is a valuable addition – not only in meeting the changing expectations of our customers.”
Allianz X’s 15-strong portfolio includes on-demand ride provider Go-Jek, currently valued at $10bn, and in March 2018 co-led a $160m round for N26, a mobile banking platform most recently valued at $2.7bn. It also invested $96.6m in digital insurance platform Bima in late 2017.
In addition to its direct investments, Allianz X looks to connect portfolio companies with parts of the larger Allianz group to assist growth. It offers Go-Jek drivers insurance and underwrites Bima’s policies, while its Euler Hermes subsidiary formed a credit insurance product with business finance marketplace C2FO.
Nazim Cetin, Allianz X’s chief executive, said: “Since shifting our strategy, we have built a great portfolio in which many companies have already developed successful partnerships with Allianz’s business units.
“We are very excited about raising our investment budget to €1bn and will use the funds entrusted to us to both strengthen our portfolio and build strong, global platforms that create new businesses for Allianz.”
