Blog Post

Variety is the spice of life

It’s 9 p.m., and quiet is gradually returning to Carsten Middendorf’s home. When most people are on the sofa drinking a glass of wine, watching Netflix, or reading a book in bed, the 37-year-old — slim, glasses, in a dark-blue sweater — opens up his laptop again. He has a video call with business partners from abroad.

“Flexibility is a big advantage of my job. I can often schedule things so that I can spend time with my family and put the kids to bed myself, even during an intense work week.”

What sounds like a long day to most works well for him. Carsten is the Chief Investment Officer (CIO) at Allianz X and for him it’s clear:

“If I shied away from work, I’d be in the wrong job.”

As a member of Allianz X’s three-strong Leadership Team, Carsten is responsible for a broad portfolio of investments in digital companies, together with Nazim Cetin and Catherine Dietrich.

• Nazim, as CEO, is the captain of the ship. He determines the strategy of Allianz Group’s digital investments arm and spearheads its execution, which means not just leading from the helm, but also by example in the engine room: driving deals, building networks, and helping the team.
• Catherine, as CFO, is responsible for Allianz X’s finances, operations, and governance — “everything to do with keeping the place running smoothly,” as Catherine, who is from England, puts it.
• Carsten’s tasks, as CIO, include scouting out globally interesting scale-ups (mature start-ups) with his team, analyzing investment opportunities, and executing multi-million-euro transactions.

The pace in the industry is rapid. As soon as Carsten has taken his two children to school and kindergarten, he starts making the day’s first phone calls from the road. In the office, he has a quick coffee and then the meeting marathon begins.

Making a game plan

Meetings with the team and stakeholders, both internal and external to Allianz, as well as virtual and physical meetings with the companies in which Allianz X invests — all these determine his daily schedule. Like long-distance runners, people who succeed in the industry over the long term need staying power. Carsten played field hockey into adulthood — a team sport, as is his work at Allianz X. “He made it as far as the GDR championship,” jokes the former coach of his junior team. By that he means third place, behind two Berlin teams — long after German reunification. Today, there is no time for hockey, but Carsten has retained his sporting spirit.

“Now and again, I like to make a game plan in the morning before I get to the starting line. It might not hold up against unforeseen events, but that’s when the team shines, adapting flexibly to whatever happens.”

Carsten’s projects begin with the evaluation of scale-ups Allianz X might invest in.

“We look at the deal flow, which means we check out interesting investment opportunities, analyze them, and sort them. What’s exciting, what’s not? What should be pursued?”

Decisions are often made quickly.

“As soon as a worthwhile opportunity emerges, we look at the company very closely, often together with the Allianz entities that may later partner with it.”

If the numbers are right — Allianz X invests in companies with revenues in the eight-plus-figure range — Carsten and his colleagues conduct the due diligence, negotiate the terms of the contract, and carry out the investment.

Operational involvement in portfolio companies

Things really take off when the investment is completed.

“Then we work closely with the founders and management — also operationally. We sit on the advisory boards, give advice, and help the companies expand their network — all with the goal that the companies grow with us.”

That’s how Carsten explains the core of his job. Ultimately, it’s about keeping your eye on the ball — amid and despite all the challenges.

Variety is an important constant in Carsten’s professional life. The son of an entrepreneur father and pharmacist mother, he grew up in Munich, near Heidelberg, and in Dresden. He studied economics and mechanical engineering at the Technical University of Munich (TUM) and gained experience in exchanges with other cultures during his time in Malaysia.

“That was a great time. I really like the region and the exposure to other cultures, which is why I also appreciate the international environment at Allianz X.”

After getting his degree, he was once again drawn to faraway places: Carsten backpacked with a friend through six countries between Brazil and Peru, as well taking a couple of side-trips to Mexico and Miami. They didn’t have a game plan back then, just the goal of collecting new experiences.

Upon returning to Germany, Carsten decided to stay in Munich, the capital of Bavaria and city of ‘laptops and lederhosen’ — basically, where tradition and technology meet. He was a consultant to energy companies for six years, then moved to Allianz Group’s headquarters in 2016, where he worked for an Allianz X predecessor, a venturing unit called Allianz Digital Ventures, which eventually became part of X when it was founded that same year. The attraction was — and still is — the fact that Allianz X itself is a scale-up — a mature, growing startup — in culture and size. And a very successful one at that, with ever-changing, always-exciting challenges, and continuous development.

“You never get bored here.”

Hands-on mentality in the team

Carsten observes that variety also motivates his colleagues. There are around 40 people with about 20 different national backgrounds working at Allianz X.

“We are a young team, people are warm and open. Our cooperation is characterized by the fact that we are all very ambitious, but still work together on a friendly basis and support each other — no matter in whose area of responsibility a task falls.”

Whether managers or interns, colleagues at Allianz X share a hands-on mentality. No one here lacks motivation — on the contrary.

“As a manager, I have to make sure that everyone can live out their ambitions.”

Nobody at Allianz X likes to stand still.

Family balance

The investment specialist takes a break on the weekend. That’s family time. He is particularly pleased that his seven-year-old daughter has taken up field hockey. Work is on hold on Saturdays and Sundays — most but not all of the time, Carsten admits. He can’t always reconcile his role as a father with the demands of his job.

“Life isn’t a wish concert — as they say in German.”

At the moment, Carsten’s wife, who works part-time, takes on the greater share of the joint childcare responsibilities. They employ compromise and creativity to find a balance.

Flexibility, variety, competitive sporting spirit, ambition, and the courage to find unconventional solutions not only determine the working culture at Allianz X. They are also intrinsic to its employees — in all life situations.

For more on Allianz X, follow us on LinkedIn, Twitter, and Medium, and check out our website at allianzx.com.