Allianz X co-leads 99.co’s Series B funding round

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Allianz X, the digital investment unit of the Allianz Group, has announced an investment in 99.co, a digital real estate platform and brokerage company. This is Allianz X’s first investment in a Singapore-headquartered company.

99.co helps users and agents in Singapore and Indonesia make informed real-estate decisions by merging geolocation and deep market data. The platform has grown 38-fold from approximately 100,000 monthly users in 2017 to approximately 3.8 million in 2019, placing 99.co as the leading and fastest growing property platform in Southeast Asia.

“Property, being the largest asset class in the Southeast Asian market, presents a valuable growth opportunity to Allianz entities in the region,” said Carsten Middendorf, Investment Director at Allianz X. “With this investment, we look forward to helping 99.co maintain its position as a leading property platform and developing a strong strategic partnership in the long term.”

Allianz X invests in digital companies that are part of the ecosystems related to insurance. Asia-headquartered BIMA, Gojek and Halodoc are Allianz X portfolio companies.

“The PropTech segment is a key ecosystem for future growth. We look forward to co-creating and distributing innovative, digital-first insurance products and services via the 99.co platform,” added Peter Van Zyl, President Director & CEO of Allianz Utama Indonesia. “Our partnership is aligned with the wider Allianz Asia Pacific strategy and enables us to address emergent and mass customer segments currently underserved by insurance.”

“We are very excited about the new investors in this round. MindWorks strikes the perfect balance between tech and real estate, being deeply invested in both, and has one of the best vantage points for developments in the Chinese market, from which we can learn a great deal. Allianz, being one of the largest financial services companies in the world, brings immense experience, capabilities and networks, which will be an important strategic anchor in our expansion into financial services in real estate,” said Darius Cheung, CEO and Co-Founder of 99.co.

“And, of course, we are more than thrilled to have all of our existing investors return to re-invest in this round as well.”

About 99.co

99.co is the fastest growing property platform in Southeast Asia. 99.co brings to market design-centric innovations in real estate, merging geolocation and market data in helping end users and agents make the best property decisions. 99.co is headquartered in Singapore, and was founded by serial  entrepreneurs Darius Cheung, Yan Phun and Conor McLaughlin. 99.co is backed by key investors East Ventures, Eduardo Saverin, Sequoia (India), 500 Startups, Golden Gate Ventures and Quest Ventures.
Allianz X invests in digital frontrunners in ecosystems relevant to insurance and asset management. It has a portfolio of over 25 companies and AuM of more than 1.5 billion euros. Allianz X has counted 12 unicorns among its portfolio so far. The heart and brains behind it all are a talented team of around 40 people. As one of the pillars of the Allianz Group’s digital transformation strategy, Allianz X provides an interface between Allianz Operating Entities and the broader digital ecosystem, enabling collaborative partnerships in insurtech, fintech, and beyond. As an investor, Allianz X supports mature digital growth companies to take the next bold leap and realize their full potential. Keep up with the latest at Allianz X on Medium, LinkedIn, and X (formerly Twitter)
The Allianz Group is one of the world's leading insurers and asset managers with around 125 million* private and corporate customers in nearly 70 countries. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing around 737 billion euros** on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage about 1.7 trillion euros** of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we are among the leaders in the insurance industry in the Dow Jones Sustainability Index. In 2023, over 157,000 employees achieved total business volume of 161.7 billion euros and an operating profit of 14.7 billion euros for the group.
* Including non-consolidated entities with Allianz customers.
** As of December 31, 2023.

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Gregor Wills
Allianz X
As with all content published on this site, these statements are subject to our cautionary note regarding forward-looking statements:

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