German-based Allianz X, a digital investment subsidiary of the Allianz Group, has raised a further investment from Allianz SE, increasing its fund size to 1 billion euros ($1.13 billion).

Allianz X will use the proceeds to make direct commitments in digital companies internationally that are strategically relevant for the Allianz Group.

To date, the company has made over 15 direct investments in digital businesses related to insurance around the world.

Previously, Allianz X infused $96.6 million in Swedish microinsurance company BIMA.