Latest Allianz X News
Jan 21, 2022
January 21, 2022 - Advertisement - - Advertisement - and Netflix Inc. to the west, or Alibaba Group Holding Ltd. and Tencent Holdings Ltd., in the past. But European investors and founders say there has never been a more hospitable environment for their growing tech companies. - Advertisement - Paris-based Back Market, an online marketplace that sells refurbished iPhones and other electronic devices, said a recent funding round this month raised its valuation to $5.7 billion. Berlin-based grocery-delivery company Gorillas Technologies Ltd raised nearly $1 billion in October from investors including Coatue Management, Tencent and DST Global. UK online payments business Revolut Ltd. Last July brought in $800 million from the likes of SoftBank Group Corp., of Vision Fund 2 and others, valuing the company at $33 billion. “People are skeptical whether Europe can really make big companies because it’s more fragmented and it’s more complex,” said Zo Fabian, who oversees growth equity investments in several European countries at private-equity firm Eurazio., But the recent surge in funding seems to have changed the story, she said. Part of the frenzy is fueled by the jealousy of Silicon Valley in European capitals, where governments have created programs to kick-start tech fundraising. French President Emmanuel Macron last year signed an initiative worth more than €100 billion for 10 European tech champions by 2030, the equivalent of $113 billion. France also unveiled an initiative in 2020 under which institutional investors pledged to invest €6. Billions over three years to finance tech companies through private funds. Capital has been given to companies including EasyWork, which matches temporary workers with employers, and Payfit, which provides automated payroll software. In Germany, the government launched a so-called Future Fund last year, using €10 billion of government money and €30 billion to provide funding for startups with private and public partners. The first investment was made last year in venture-capital funds, which will deploy the money in companies. Ms Fabian said it may be cheaper for some companies to set up and hire in Europe than in Silicon Valley, with its higher living costs. His team raised $2 billion for its third fund in July. Last year, his team doubled its number of investment professionals to 16 and looked at 300 deals, up from 200 in 2020. Nazim Setin, chief executive of Allianz X, the digital investment arm of German insurance company Allianz SE, Said European companies have matured. Many have moved past their early growth stage, which means investors are pouring large sums of money into them. Allianz X is an investor in N26 Bank GmbH, a Berlin-based digital bank that last October raised $900 million in new funding, valued at more than $9 billion. The number of European tech IPOs has skyrocketed, even though they remain small compared to the US tech giants. And since valuations of European tech companies haven’t reached the US yet, they offer investors a bargain and a chance to profit from a company’s IPO. According to CB Insights, there were 185 European technical IPOs in 2021 including UK FintechWise Plc., Up from 85 in 2020. The companies benefit from raising money right now, said Spencer Crowley, co-founder of FirstMinute Capital, which has just over $300 million in assets under management, and in seed rounds globally, focusing on the US and Europe. makes investments. Companies are now commanding valuations that they will grow in three to five years, and not in one to two years, as it was a few years ago, Mr. Crowley said – proof of confidence from investors. Mr. Crowley said his firm is increasing the size of checks that try to beat the boom in investors flocking to the space. Christian Venus, chief executive of GetSafe, which sells digital insurance products through an app in Germany and the UK, said his company could have raised more than $93 million in its previous funding round, which had already been expanded. Mr Venus said he had received interest from global investors, but saw it as a positive sign that European investors, who were involved in the round, were interested in investing in later-stage startups. woorituals to Julie Steinberg at [email protected] ,
Allianz X Partners & Customers
5 Partners and customers
Allianz X has 5 strategic partners and customers. Allianz X recently partnered with WeLab on August 8, 2021.
Allianz X Team
7 Team Members
Allianz X has 7 team members, including current Chief Executive Officer, Peter Borchers.