26 – 100 in alphabetical order: Nazim Cetin, Allianz X
Nazim Cetin is chief executive at Allianz X, an investment vehicle formed in 2013 by Germany-based insurance and asset management group Allianz. Cetin, who has experience as a corporate intrapreneur and as an entrepreneur, joined Allianz X in August 2017 and initiated the company’s strategy shift from being a company builder to becoming a digital investment unit of Allianz.
Having deployed more than €200m ($236m), Cetin led the unit to make investments in digital growth companies around the world, hired a growing team of investment professionals and repositioned Allianz X as a competitive investor in the venture capital space.
Allianz X invests in growth-stage companies that develop digital technologies pertinent to its parent’s business, covering areas including mobility, wealth management, cybersecurity, data analytics, connected property and health products.
In addition, Allianz increased the capital reserves of Allianz X from €430m ($483m) to €1bn ($1.13bn) in February this year. The firm said in a statement that it had allocated more capital to Allianz X because of the unit’s success in its investments and partnerships and the important role it had played in Allianz’s digital transformation plan.
Iván de la Sota, Allianz’s chief business transformation officer, said at the time: “We are very pleased with the progress Allianz X has made thus far and are committed to further invest and develop the next generation of digital growth companies related to Allianz’s core business.
“Our digitisation approach is multifaceted. Allianz X is a valuable addition – not only in meeting the changing expectations of our customers.”
Allianz X’s more than 15 portfolio companies include on-demand ride provider Go-Jek, currently valued at $10bn, and it co-led a $160m round for N26, a mobile banking platform most recently valued at $2.7bn, in March last year. It also invested $96.6m in digital insurance platform Bima in late 2017.
Apart from its direct investments, Allianz X looks to connect portfolio companies with parts of the larger Allianz group to assist growth. It offers Go-Jek drivers insurance and underwrites Bima’s policies, while its Euler Hermes subsidiary launched a credit insurance product with business finance marketplace C2FO.
Allianz’s previous venture unit, led by Jörg Richtsfeld, invested in companies such as DRL, Simplesurance and MoneyFarm, and Allianz X is also working with them to unlock strategic value alongside Allianz’s operating entities.
Cetin added in February: “Since shifting our strategy, we have built a great portfolio in which many companies have already developed successful partnerships with Allianz’s business units.
“We are very excited about raising our investment budget to €1bn and will use the funds entrusted to us to both strengthen our portfolio and build strong, global platforms that create new businesses for Allianz.”
Nazim joined Allianz X from media conglomerate Bertelsmann, where he was a vice-president of corporate development and new businesses, as well as head of business development. Previously, he founded the first German magazine focusing on philosophy and economics, internationalised the commercial finance division of Maple Bank, served as a venture partner for Target Global, and advised many international VC funds and startups.
Nazim currently sits on the boards of American Well, BIMA, C2FO and N26.