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 said in a statement on Tuesday (7 May) 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