ALV Allianz AG

By Dieter Holger

Allianz X, the digital investment unit of Allianz SE (ALV.XE), has led a $20 million funding round in environmental, social and governance scorer Arabesque S-Ray GmbH, the companies said on Thursday.

Founded in 2013, Frankfurt-based Arabesque calculates ESG scores for more than 7,000 companies through algorithms based on company disclosures and global sources. S&P Global Inc. (SPGI) used the data to help create the S&P 500 ESG Index it launched in April.

"We believe in an accelerated growth trajectory for Arabesque S-Ray due to its strong position in the growing ESG data and consulting market, and superior tech capabilities," said Nazim Cetin, chief executive of Allianz X.

Allianz led a Series A funding round that included three other new German investors; DWS Group GmbH & Co. KGaA (DWS.XE), the Federal State of Hessen, and Commerz Real AG, the real-estate investment arm of Commerzbank AG (CBK.XE).

DWS was the only investor to disclose that its stake in Arabeseque came to 2.68%, but it didn't disclose the price of the deal. Arabesque's ESG technology will help the DWS offer more products in the future, said Asoka Woehrmann, chief executive at DWS.

"We want to continue to deliver new solutions to our clients and make even better investment decisions for them in this paradigm-shifting era," Mr. Woehrmann said.

Write to Dieter Holger at dieter.holger@dowjones.com; @dieterholger

(END) Dow Jones Newswires

July 18, 2019 07:23 ET (11:23 GMT)

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