Have you heard of the new online store called Jet.com that has plans to give Amazon a run for their money? No, well the scrappy startup raised an insane amount of VC funding at the tune of $220 million with an estimated crazy valuation of $600 million. The startup has some heavy hitters when it […]
Allianz X, the venture capital arm attached to German insurance giant Allianz, has increased the size of its fund to €1 billion, around $1.1 billion, according to an announcement made today. The fund was initially €430 million, or around $490 million, when it launched in 2016. This new injection comes directly from parent Allianz SE, the 124-year-old insurer which did €130 billion ($150 billion) in revenue last year, and it makes Allianz X one of the largest active startup investment vehicles in Europe. While it is anchored in Europe, the fund’s investment thesis and focus is very much a global one. It has made 15 deals to date with a focus on growth-stage investments in startups such as emerging market-focused microinsurance company BIMA, Southeast Asian ride-hailing unicorn Go-Jek, U.S-based capital marketplace C2FO and European challenger bank N26. Allianz X, which initially began as an in-house incubation venture, is now looking to go after more of the same with its enlargened kitty but it also plans to get to work with its existing portfolio of companies. “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 €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,” Dr. Nazim Cetin, CEO of Allianz X, said in a statement. Beyond potentially supplying more capital to its existing investors — it isn’t clear whether Allianz X is a part of the new financing round that Go-Jek is raising, for example — the fund is keen to identify areas where its business units can add value both for the portfolio startups and the Allianz business itself. And, with a network of offices that spans more than 70 countries, there’s plenty of scope for collaboration. In Indonesia, for example, Allianz has worked with Go-Jek to offer insurance to the ride-hailing company’s drivers that is payable at an affordable daily rate. That, both of them claim, has helped give many families health insurance for the first time whilst of course growing the Allianz Indonesia business by tapping into Go-Jek’s driver base which, the company says, covers “millions” of Indonesians. That’s one part of Go-Jek’s fintech strategy, which includes relationships with some 28 financial institutions to provide access to financial services and other products. Indeed, Allianz X said it has developed dedicated operational capabilities to replicate that type of collaboration across its portfolio. “Our work with portfolio companies is focused on developing mutually beneficial strategic partnerships between the portfolio company and one or more Allianz operating entities and global business lines. Each investment has a dedicated team at Allianz X that assists the company with joint corporate development initiatives and implements them alongside the Allianz business unit,” a spokesperson told TechCrunch. ... Read More
French startup StarOfService has recently switched its business model and has been profitable for the month of January 2019. The company operates a marketplace for independent contractors, a sort of Thumbtack for the rest of the world. If you’re looking for a plumber, a music teacher or a DJ for a wedding, StarOfService can help you find one. The service is now available in 80 countries in Europe and has worked with 500,000 professionals over the years. It’s unclear how many of them are active right now. There are 6 million requests posted every year, and StarOfService currently generates $73.7 million (€65 million) in transactions per month. Originally, you first created a request and sent in to the platform. Professionals had 24 hours to bid on your request, and clients could pick a service providers based on reviews and quotes. StarOfService would charge contractors every time they’d see a request. It was a sort of lead generation platform for independent contractors. Depending on the conversion rate, StarOfService could have been more attractive for some platforms compared to others. The company has shifted to a more traditional yellow pages model — even though you don’t pay to get listed. Based on your request, you get a list of potential contractors and you can then contact them through the platform. If you say that you’re interested by sending a message or clicking on the phone number button, StarOfService charges the contractor. It’s also interesting to see that the startup is communicating about its profits & losses. It sounds like StarOfService is optimizing its bottom line for an acquisition or a fundraising round. ... Read More
I think I’ve come to a realization — most of my current favorite TV shows are only still favorites because I’m waiting for them to come to what seems like an inevitably gruesome end. I’m a deer in the headlights, hoping that in a world where death and dismay is around every corner, the Game of Thrones cast might actually find their final rest; the handmaids in The Handmaid’s Tale might permanently escape their torture and mutilation the only way that seems plausible; Westworld will see the robots triumph over humanity (yes I’m in that camp); and that Killing Eve might, well, it’s right there in the title. That’s why I’m delighted to say that The Man in the High Castle will end after its fourth season, as you can see by watching this new... Continue reading… ... Read More
French automaker Citroën announced Tuesday that it will debut something called the AMI One concept at the Geneva Motor Show next month. While this particular car show is known for attracting wild concepts and record-melting supercars, the little all-electric two-seater won’t dazzle anyone with its specs: It has a top speed of 28 miles per hour and can only travel about 62 miles on a charge. The point of the AMI One isn’t that it will be the only car you ever need, or even one you lust after. Rather, it’s supposed to bring the freedom of driving a car to those who might not currently have access. This happens in two ways. One, the car’s low-speed ceiling allows it to be driven in some countries without a driver’s license. Two, it should —... Continue reading… ... Read More
Lara Croft's latest adventure "got off to a weak start" for Square Enix alongside Just Cause 4... Read More
Company plans to reorganize from 11 to four units to better allocate resources... Read More
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