Allianz X a subsidiary of Allianz Group on May 7th announced an investment in SafeBoda — which turns to be Allianz X’s first investment in an African-headquartered company. Safeboda is headquartered in the capital of Uganda, Kampala with its main operations in Barcelona.
The investment in Safeboda comes at a time the moto-taxi hailing firm is expanding its services to Lagos, Nigeria. Safeboda happened to be part of the Series B investment Allianz X is co-investing with Go-Ventures. However, the price tag still remains undisclosed as both companies failed to comment on this. But some reports claim the investment could be more than USD$1 million.
Oliver Ullrich, Corporate Development Director at Allianz X in a statement said, their investment in SafeBoda underlines their 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 Oliver.
On behalf Safeboda, its Co-Founder & Co-CEO; Alastair Sussock said the company is excited to have Allianz X join their investor group particularly as they deepen their platform.
“We are confident that collaborating with Allianz will enable us to grow the business and impact the wider community across East and West Africa,” Alastair concludes.
Allianz claims it intends to leverage its regional presence and capabilities, working with Safeboda to transform transportation, logistics, and payment sectors in Africa. So far Safeboda is available in three African countries, Uganda, Kenya, and now Nigeria.