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News > Private Equity > Deals

Allianz X makes first investment in African-headquartered company

Anna Lyudvig
May 15, 2019, 12:13 p.m.
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Word count: 322

Allianz X, the digital investment unit of the Allianz Group, has invested in SafeBoda, a major African ride hailing platform that also offers various on-demand consumer and payment services, based in Kampala, Uganda.

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Allianz X, the digital investment unit of the Allianz Group, has invested in SafeBoda, a major African ride hailing platform that also offers various on-demand consumer and payment services, based in Kampala, Uganda.

“SafeBoda is a promising start-up with substantial growth potential, including the development of relevant financial services and insurance products,” said Coenraad Vrolijk, CEO of Allianz Africa.

“We look forward to our strategic collaboration and to being part of SafeBoda’s success story.”

This is Allianz X’s first investment in an African-headquartered company.

For the Series B investment, Allianz X is co-investing with Go-Ventures, a venture fund whose cornerstone investor is GO-JEK.

Allianz and GO-JEK are already partners in GO-JEK’s home market of Indonesia. 

SafeBoda is an on-demand transportation service provider in East Africa.

SafeBoda provides value to consumers, drivers and passengers, with additional financial services, payments and other on-demand services to keep Africa moving forward.

SafeBoda aims to offer reliable and safe transportation to its customers and its mobile payment platform is an example of digital companies contributing to financial inclusion across Africa.

“Our investment in SafeBoda underlines our continued commitment to growth markets. We are excited to participate in the development of ride hailing ecosystems in Africa,” said Oliver Ullrich, Corporate Development Director at Allianz X.

“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,” he said.

Allianz intends to leverage its regional presence and capabilities, working with SafeBoda to transform transportation, logistics, and payment sectors in Africa.

“SafeBoda is excited to have Allianz X join our investor group, particularly as we deepen our platform and add a number of important FinTech services for both SafeBoda drivers and passengers,” said Alastair Sussock, Co-CEO and co-founder of Safeboda.

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

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