Denis Opudo
Allianz X is the digital investment unit of European financial service firm, Allianz Group. The company has funded a Ugandan micro insurance startup BIMA. The funding is worth $107 in financing which includes $30 million growth round. This funding will help the startup grow and expand its services beyond Uganda only.
The company is looking forward to more than just serving its borders. The startup also got notable participation from Kinnevik, a Swedish investment company, and BIMA’s lead shareholder. According to Oliver Bäte, CEO of Allianz SE, the investment shows the company commitment to digitalization, supporting the growth strategy of the Group in emerging economies, as well as enabling us to serve the so-called ‘next billion customers.
Most African startups have not materialized away from the paperwork because of the lack of the right funding. The involvement of financers in the day to day running of the African startup’s will, therefore, guarantee prosperity. African problem-solving techniques always rely on the local population who are well versed with the ongoing in the land, and this can be realized by the local startups.
The flourishing of the already available startups will help in boosting the morale of the graduates who are looking forward to major in the technology sector. The startups not only rely on the international funders but at the same time require a healthy environment facilitated by the government of the day.
