German investor Allianz X chooses Uganda’s SafeBoda as its first African investment

Featured image: SafeBoda via Facebook
Allianz X, the digital investment unit of German financial services company Allianz Group has made in its first investment in an African-based company — Ugandan ride-hailing startup SafeBoda.

Meet SafeBoda, the African ride-hailing and fintech company

Ugandan bike-hailing startup, SafeBoda has secured a Series B investment co-led by Allianz X and Go-Ventures. This was announced on Tuesday, May 7 by Allianz X.

Allianz X is the digital investment unit of Germany’s Allianz Group, and part of the group’s Renewal Agenda while Go-Ventures is the venture capital arm of Indonesian startup—GOJEK, investing globally in early-stage ventures.

Allianz revenue of 130.6 billion euros places it firmly in the top 5 largest financial services companies in the world. Allianz X invest in digital growth companies that are part of their ecosystems related to insurance: Mobility, Connected Property, Connected Health, Wealth Management & Retirement, and Data Intelligence & Cybersecurity while also helping to drive innovation across Allianz operating entities.

Image result for German investor Allianz X chooses Uganda’s SafeBoda as its first African investment
Allianz X, the digital investment unit of German financial services company Allianz Group has made in its first investment in an African-based company — Ugandan ride-hailing startup SafeBoda.

Allianz X, the digital investment unit of German financial services company Allianz Group has made in its first investment in an African-based company — Ugandan ride-hailing startup SafeBoda.

Allianz X said in a statement that it co-invested in a Series-B round with Go-Ventures, the venture fund of Indonesian logistics startup Go-Jek.

SafeBoda was founded in 2015 by director of operations Ricky Rapa Thomson and co-CEOs Maxime Dieudonne and Alastair Sussock.

‘Allianz X’s investment in Safeboda underlines continued commitment to growth markets’

Allianz X corporate development director Oliver Ullrich, commenting in the same statement, said the unit’s investment in SafeBoda underlines its continued commitment to growth markets.

“SafeBoda has successfully established itself in the ride hailing market in Uganda and we look forward to supporting the company’s expansion into additional countries and services,” said Ullrich

Allianz explained that it intends to use its regional presence and capabilities, in partnership with SafeBoda, to transform transportation, logistics, and payment sectors on the continent.

Allianz Africa CEO Coenraad Vrolijk described SafeBoda as a promising startup with substantial growth potential, including the development of relevant financial services and insurance products.

This, while Sussock said the startup is excited to have Allianz X join its investor group as the company is developing its platform and looking to add fintech services for both its drivers and passengers.

“We are confident that collaborating with Allianz will enable us to grow the business and impact the wider community across East and West Africa,” he added.

According to business intelligence platform Crunchbase, SafeBoda has raised up to $1.3-million in funding since launch.

Ugandan tech publication Digest Africa reported in an article in last August that SafeBoda had raised $1.1-million in a deal in January 2018 which the startup did not made public.

Featured image: SafeBoda via Facebook

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