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Allianz X gets €1bn funding for global tech investments

20th February 2019 - Author: Charlie Wood

The success of Allianz Group’s digital investment unit Allianz X has resulted in it receiving an increased funding allocation of €1 billion.

Allianz XThe investment from Allianz SE is designed to facilitate investments into companies globally that represent a strategic relevance to the Group.

Allianz X is now one of the largest European firms, in terms of fund size, dedicated to digital investments.

“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,” said Iván de la Sota, Chief Business Transformation Officer of Allianz SE.

“Our digitalization approach is multifaceted; Allianz X is a valuable addition — not only in meeting the changing expectations of our customers.”

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Allianz X’s funding boost was determined after considering its 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 in digital businesses related to insurance around the world.

“Since shifting our strategy, we have built a great portfolio in which many companies have already developed successful partnerships with Allianz’s business units,” says Dr. Nazim Cetin, Chief Executive Officer of Allianz X.

“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.”

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