Fox Williams advised Allianz X, the digital investment unit of the Allianz Group, on its recent Series B investment in SafeBoda, a major African ride hailing platform that also offers various on-demand consumer and payment services based in Kampala, Uganda.
SafeBoda, winner of the 2018 AppsAfrica Award, 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.
This is Allianz X’s first investment in an African-headquartered company. Allianz intends to leverage its regional presence and capabilities, working with SafeBoda to transform transportation, logistics, and payment sectors in Africa.
Allianz X co-invested 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.
Oliver Ullrich, Corporate Development Director at Allianz X said: “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. 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.”
Working closely with the Allianz X in-house legal team, the Fox Williams team principally comprised head of corporate Richie Clark and corporate senior associate Hannah Elliott.
Richie Clark said: “We were delighted to help Allianz X build on its impressive investment portfolio by successfully completing this significant strategic transaction. Our role on this deal adds to our strong track record of advising businesses and investors in the FinTech space.”
About Allianx X
Allianz X is the digital investment unit of the Allianz Group, one of the world’s leading insurers and asset managers, and part of the Group’s Renewal Agenda. Allianz X invests in digital growth companies that are part of our ecosystems related to insurance: Mobility, Connected Property, Connected Health, Wealth Management & Retirement, and Data Intelligence & Cybersecurity. Allianz X provides an interface between portfolio companies and the digital ecosystem within Allianz as well as drive innovation across Allianz’s operating entities and global lines of business.