German insurance major Allianz Group has increased the size of its digital investment unit Allianz X to €1bn as part of a digital transformation strategy.

In 2016, Allianz X was launched with an initial investment of €430m. With the addition of new funding, it has become one of the largest corporate venture funds in Europe.

The company intends to use the additional money to directly invest in global digital companies related to insurance and asset management.

Allianz X’s investment track record, successful collaborations with growth companies along with the contribution towards the Allianz‘s overall digital transformation strategy were the main factors for funding increase, the German insurer said.

Allianz SE chief business transformation officer Iván de la Sota 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.”

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Allianz X successful investments in digital businesses

Till date, Allianz X has directly invested in more than 15 in digital businesses related to insurance around the world.

It invested $96.6m in microinsurer BIMA, which leverages mobile technology to serve low-income customers in Africa, Asia and Latin America.

Allianz X also invested $30m in Kansas City-headquartered working capital marketplace C2FO and a $35m in Southeast Asian mobile platform Go-Jek in February and April 2018, respectively.

Lately , Allianz X also participated in N26’s Series D funding round after co-leading N26’s $160m Series C round last year.

Besides providing funding support, Allianz X focuses on developing strategic partnerships between the portfolio company and one or more Allianz operating entities or global business lines.

Allianz X CEO Nazim Cetin 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.”