Rocket internet to invest up to €2.6bn in AI, fintech
German tech-focused venture capital (VC) firm Rocket Internet has announced that it will look to increase its investments in financial technology and artificial intelligence-focused companies.
The company has a cash pile of up to €2.6bn that it would be willing to attribute to these areas, having invested successfully into a number of startups including HelloFresh, Delivery Hero and Home24.
Accenture: Banks could raise revenues 34% by investing in AI and upskilling
“In the first quarter of 2018, our selected companies continued to make progress on their path towards profitability, while demonstrating sustainable growth”, says Oliver Samwer, CEO of Rocket Internet.
Having released its quarterly results of late, the company reported a consolidated profit of €75mn.
According to Reuters, Samwer has revealed that although the company has not set any criteria or a timeframe surrounding this, it is currently actively pursuing opportunities within the fintech and AI markets.
The news comes shortly after Alibaba’s purchase of Daraz, a Pakistan-based ecommerce platform, from Rocket Internet earlier this month, marking the Chinese company’s second purchase of Rocket Internet assets.
- Wipro and Google Cloud bringing generative AI to clientsAI & Machine Learning
- Top 10: Blockchain Technology CompaniesDigital Transformation
- Auxilion: 26% of businesses ill-equipped for future workingEnterprise IT
- Human-machine workforce shifts as AI continues to developAI & Machine Learning