Abu Dhabi-headquartered insurance technology start-up Hala has completed its latest funding round. The round closed at US$5 million and was led by Entree Capital.
Other backers who took part in the funding effort include 500 Startups, EQ2 Ventures, Global Founders Capital, Hambro Perks Oryx Fund, and Mubadala Investment Company.
With this new capital injection, Hala hopes to expand its range of products, delving into home insurance and related offerings. The firm also plans to extend its market presence to other markets within the Middle East, with Saudi Arabia as a prime target.
“We believe people would love insurance if insurance loved them back,” said Walid Dib, chief executive and co-founder of Hala.
“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 peoples’ needs.”
Statistics put the adoption rate of insurtech solutions in the Middle East and North America region at 8%. However, the rate of people who plan to use in the future is put at 48%. This is great and motivating news for Hala.
Founded in 2018 by brothers Walid and Karim Dib, Hala’s first proposition was to streamline remittance between motor insurance companies in the UAE using blockchain technology. Later in 2020, the firm delved into retail insurance to provide direct-to-consumer services.
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