UAE-based insurance solution platform Democrance has picked up $800,000 in its first round of funding.
Firms backing the investment included Jabbar Internet Group, Eos Venture Partners, Turn8, F-Horizon Group and Seedstars. Alongside these investors were several angel investors coming from USE, MENA, Europe, South Asia and the US.
Democrance helps users access insurance policies, who might not be able to attain it via traditional routes. The company has set up partnerships between insurance and telecommunication companies, enabling users to access policies through a mobile phone, without having to access a bank account.
Democrance co-founder and CEO Michele Grosso said, ?We are excited to implement ground breaking technology through a social enterprise model and provide insurance to income groups that need it, but face numerous barriers in attaining it. Democrance is the first regional insurance technology platform of its kind, and this important first investment will enable us to further develop our technology and broaden our reach.p>
Other companies currently in Jabbar Internet Group portfolio include payment solution platform POSRocket, online grocery marketplace InstaShop and online office product service OfficeRock.
This year has seen a significant rise in total funding to the Asia-based FinTech sector, with the first three quarters raising around $239m, while the same period last year only saw $43m deployed.
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