Allianz X, the VC arm of insurance giant Allianz has upped its fund size to ?1bn after securing additional investment from?the parent company.
The fund’s capital initially stood at??430m when it launched in 2016, but has since increased it to over double the size, following additional commitments from?Allianz SE.
The VC is set to tap the fund?to invest in digital companies from around the world that are strategically relevant to the insurance group, it confirmed in an official release.
The firm targets start-ups in tech sub-sectors related to insurance including?mobility, connected property, connected health, wealth management & retirement, data intelligence and cybersecurity.
Allianz X has made more than 15 direct investments so far, including?$96.6m in microinsurer BIMA,?$30m in working capital marketplace C2FO and $35m in?SEA mobile platform Go-Jek.
More recently the firm joined investors in a?$300m Series D round for German mobile bank N26, one year after lead co-leading its $160m Series C round.
?Since shifting our strategy, we have built a great portfolio in which many companies have already developed successful partnerships with Allianz business units,said Allianz X CEO Nazim Cetin.
?We are very excited about raising our investment budget to ?1 billion and will use the funds entrusted to us to both strengthen our portfolio and build strong, global platforms that create new businesses for Allianz.p>
Last week,?Allianz?partnered?with FPT Group to enter the Vietnam market and expand its operations across Asia.
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