Welcome to our daily funding update for MENA startups. This brief will cover the latest funding news and investments from the region’s vibrant startup ecosystem.
2nd August 2023 Funding and Investment Update
1. Emirati Health Insurance Startup Wellx Raises $2 Million in Funding Led by the Dubai Future District Fund to Support Its Regional Expansion and Technological Innovation.
Emirati health and wellness startup Wellx has raised $2 million in funding led by the Dubai Future District Fund and the participation of DASH Ventures, Annex Investments, 500 Global Goals, Sanabil Investments, and some venture capital firms, including Aditum Investments, Loyal VC, Plug and Play Ventures. Founded in 2022, Wellx aims to revolutionise the insurance industry with its unique approach to offering health insurance programs. These programs leverage behavioural science and empathy to create a highly customer-centric, engaging service. The new capital aims to support regional expansion, technological innovation and the development of new functions that bring customer convenience, and the raised funds will allow the company to explore further into creation, especially in intelligent training and other emerging technologies.
2. Insurtech Platform Desaisiv Closes a $2 Million Pre-Seed Funding Round Led by 500Global and Terra VC to Develop Its AI Products and Expand Its Operations.
Insurtech platform Desaisiv has announced the closure of a $2 million pre-seed funding round led by 500Global, Terra VC, and Oqal Group and the participation of some experienced investors in the insurtech sector in the Middle East, North Africa, the UK, and the US. Desaisiv, a B2B health insurance technology software and solutions specialist, was founded in the UK by the duo of Saed Khawaldeh and Mohammed Nabhan and later expanded to Jordan, Saudi Arabia, and the UAE. The platform provides insurance companies and institutions with a package of services based on artificial intelligence, including automating insurance procedures, designing a policy of benefits and coverage, improving the quality of service by predicting diseases, and reducing customer attrition rates. The platform will invest in financing its growth plans in the MENA region, developing more AI products, expanding its operations and team, and entering new markets.
That’s all for today’s funding update. Stay tuned for more updates on the MENA startup scene, and remember to subscribe to our newsletter or browse our archives for more news and analysis.
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Last Updated on August 2, 2023 by Safiya K
