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Allianz Boosts VC Fund to $1.1 Billion for Tech, Insurance Deals

  • Allianz X was launched in 2016 with 430 million euros to spend
  • Unit has invested in startups including Go-Jek, N26, Lemonade
Bloomberg business news
Allianz X CEO Nazim Cetin discusses increasing the size of its tech investment fund to $1 billion euros.(Source: Bloomberg)

European insurer Allianz SE is increasing the size of its tech investment fund to 1 billion euros ($1.1 billion), making it one of the largest corporate-backed venture funds in Europe.

Allianz X was launched in 2016 with a 430 million-euro checkbook and has done about 15 deals, including an investment in Indonesian ride-hailing firm Go-Jek, German mobile bank N26, and U.S. insurance startup Lemonade.