German insurance giant Allianz increases its VC fund to $1.1 billion

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. This new injection comes directly from parent Allianz SE, the 124-year-old insurer that did €130 billion ($150 billion) in revenue last year, and it makes Allianz X one of the largest active startup investment vehicles in Europe. Allianz X, which initially began as an in-house incubation venture, is now looking to go after more of the same with its enlarged kitty, but it also plans to get to work with its existing portfolio of companies.