UAE insurance technology (InsurTech) start-up Hala has raised $5 million in a funding round led by venture capital firm Entrée Capital, with a participation from Abu Dhabi sovereign wealth fund Mubadala Investment Company.
The fresh funds will be used to expand Hala’s product offering and widen its market in the Middle East region, according to a statement from Hala.
EQ2 Ventures, Global Founders Capital, 500 Startups and Hambro Perks Oryx Fund also participated in the funding round.
Founded in 2018 by brothers Walid and Karim Dib, Hala looks to reconcile payments between motor insurance firms in the UAE through the use of blockchain technology.
“The region’s insurers have focused too hard on selling a product before understanding the customer’s knowledge and preferences. Hala aims to bridge the gap between insurance misconceptions and people’s needs,” said Walid Daniel Dib, CEO and co-founder of Hala.
“We’re proud to have partnered up with the regional and global investors to make this vision a reality.”
The Gulf Cooperation Council (GCC) region has one of the fastest-growing insurance markets in the world, posting a growth of nearly 7 percent each year in gross written premiums between 2013 and 2019, according to Kearney.
(Writing by Cleofe Maceda; editing by Seban Scaria)
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