(Bloomberg) -- Ping An Insurance Group Co., China’s biggest insurer by market , led investors in injecting 41.5 million euros ($47 million) into Germany’s Finleap GmbH in its latest round of funding.
The Chinese behemoth’s $1 billion-Global Voyager Fund led the investment round, the companies said in a statement Monday, which didn’t disclose additional terms. The deal s the Berlin-based incubator at about 300 million euros, according to people familiar with the matter who asked not to be named because the terms are private.
Ping An contributed 40 million euros to the funding round, a spokeswoman for Finleap said.
The German firm, which advises fintech ventures and has helped start 16 companies over the past four years, wants to use the money to expand in Europe and Asia, according to co-founder and Chief Executive Officer Ramin Niroumand.
Ping An will seek to accelerate growth at Finleap by helping with its artificial intelligence and blockchain expertise, and by brokering access to the Chinese market, Global Voyager Fund’s Managing Director Donald Lacey said in an interview. The financial giant also aims to bolster Finleap’s expansion across Europe and entry into new businesses, he said. Lacey will become chairman of Finleap’s advisory board following the transaction.
Founded in 2014, Finleap develops startups by providing them with access to seed capital and access to its network of investors, entrepreneurs and customers, according to its website. Existing investors in the company include German insurers Hannover Re and Signal Iduna.
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